On China Property / broader macro. One of the biggest questions now is the way out of Zero-Covid. The chart below overlays our index of the frequency of mentions of the Zero-Covid policy/principle in the local headlines vs the official number of Covid cases.
It's interesting to see that the intensity of the Zero-Covid 'talk' had by Nov 28 not risen along with the infection figures as it did earlier in the year. A lighter sign of a new approach?