China Property:  The official NBS data released today shows the national residential new home sales (GFA) 12M Y/Y growth for Jan-Mar turned less negative to -23.4% compared to -25.8% for Jan-Feb - in line with our forecast (off Dec data) of -23.9%. 

In YTD y/y terms, the national residential new home sales (GFA) turned positive +1.4% vs -0.6% and accelerated in RMB terms to +7.1%.

The weekly data again proved to be a good indicator of the direction of the national figure for new home sales GFA.

From today's Real Estate Foresight Data Update on Macro-Property figures, where we also reconcile the differences between the announced growth figures and the calculated growth rates based on the absolute values (few seem to have noticed that).