Agenda*Volume returned on recent policies—Recent pro-growth policies—Return of volume*Fundamental change will not be immediate—Industry data analysis—Residential market review—Lessons from offshore*Companies pages—China Merchants Properties (Sell, price target Rmb10.00)—Gemdale(Sell, price target Rmb4.70)—Poly Real Estate (Suspended)—China Vanke(Buy, price target Rmb8.20)