China Property: this Thursday, a new batch of macro (incl. quarterly GDP) and property data from China for June should start showing more comparable annual growth rates for 2021 vs 2020, as the base effects from the low Feb-Mar and the subsequent bounceback-high last year will be largely contained within H1. 

Chart below: by May, the slowdown in the national new home sales volume growth (here in Gross Floor Area) was already clear, though still staying at a much higher rate than in the prior years in year-to-date terms (orange line).

A data curiosity on the side: the nominal cumulative GDP growth over 5 years between 2015 and 2020 = around 45%. Cumulative house price growth for 100 cities (CREIS metric, in aggregate) over the same time = the same 45% (!). Similarly for the 70 cities average (based on NBS measures).