China Property - this animation from Real Estate Foresight gives an intuitive feel for what's been happening to China house prices, by the official NBS house price growth measures for newly sold homes, across 70 major cities since mid-2021, as the developers' distress became more pronounced. The Y-axis shows the month-on-month change, the X-axis the year-on-year change:
1. The 'bubbles' overall have moved towards the lower-left corner (down both Y/Y and M/M) but to a varying degree
2. Lower-tier cities (in green) decelerated/declined more significantly (there used to be more of them towards top-right)
3. Top performers Y/Y now are Chongqing, Hangzhou, and Yinchuan (capital of Ningxia Hui Autonomous Region) vs Guangzhou, Yinchuan, Jining in June last year, though all of them have decelerated Y/Y and some turned negative M/M.
There is a lot of policy easing under way, though not yet visible in sales or price improvement by NBS measures.
See below or click the link.