China Property: The national residential new home sales (GFA) data for Jan-March, released today by NBS, shows a drop of -19% compared to the same period in 2021, more negative than -14% for Jan-Feb. While more negative, these figures are still much less negative than the declines of around -40% YTD y/y for major developers' contract sales and what the weekly data shows for major cities. The latest Covid lockdowns impact is not reflected in the figures.

From today's Data Update note by Real Estate Foresight.