China Property: more telling signs of the housing markets' reaction to the Evergrande fallout and policy tightening, with a visible drop in the ratio of completed (transacted) land auctions in the second batches of land sales under the new centralised rules in 10 of the 22 major cities subject to these rules, compared to the equivalent first batches of land sales.

More generally, a spike in failed land sales is likely in our view to trigger a faster, yet still highly targeted, policy response focused on stability in the markets. This was the case in late 2018.

From today's China CityScreener(TM) by Real Estate Foresight (available to China Forecast subscribers).