China Property: What a difference a year makes - the two charts below illustrate the dramatic change in the 12-month growth metrics for contract sales (Y) and land acquisitions (X) for major developers. The top chart is as of June 2021 (roughly just before the start of the distress in the market) and the bottom chart - is the latest as of August 2022. 

Note how much bigger a retreat in land purchases has been relative to the decline in contract sales - a bigger shift to the left.

It also illustrates the greater retreat by private developers (in grey) vs central and local state-owned enterprises (in red and orange).