Based on the definition of the second-class market of housing, this paper expands its background and the reason of appearance.

本文在界定住房二级市场的基础上，阐明了住房二级市场存在的历史背景及原因。

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But if there is a big difference in price between the new offer and the second-class market, it will indicate that there is irrationality in the way of the IPO pricing.

但如果发行定价与二级市场价格相差过大，则说明发行定价方式存在一定的不合理性。

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They've done a spectacular job for their clients and we continue--we're very excited about, one, we're excited about the region and two, we're excited to have a team of that quality doing real, on the ground research throughout China, which is, now, if you sort of look at the larger Chinese market, it's the second-largest market in the world, and there just aren't--there are many more world-class U.S. teams than there are world-class Chinese teams.

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