China Property/Macro: The intensity of new policy measures narratives - as measured by our frequency index of certain keywords in China media headlines (top chart below) - peaked mid-year with more and more cities rolling out policy easing and stimulus efforts, and then with the more central easing recently. For some cities, the policy impact does show clearly in the data but for some others, it doesn't (yet).

At a macro level, the national sales volumes data for September will be the next important data point to watch - due on October 18.

The bottom chart captures the same type of word frequency but for the Covid and lockdown-related keywords. The link between the two charts looks quite clear.