Softening demand and operating deleverage Moving into 4Q21E games rebound Acquisition of First Services will generate earnings boost of 12% in 2021E 3Q21 Net profit +8%, in line with estimates; Revenue growth acceleration a positive sign Industry headwinds to persist into 4Q; D/G to HOLD Strong 3Q results; Cost pressure remains Raised full-year guidance post strong quarterly results 每日港股简评 China Property Developers 10M2021 Pre-sales China Property Sector：There are no saviors but developers themselves