Here is some more on the Chinese GDP internals. First, the growth rate in residential real estate is still falling. It was up 14.1% from January to June versus the same period in 2013, down from an annual rise of 14.7% in the first five months.
ANZ also provides some detail of sales:
Alongside with the weak property sales and large public housing investment, the unsold housing inventories have picked up. According to Soufun, a leading online property agent, the unsold new home stock in 35 selected cities increased significantly, particularly in second and third tier cities.
Back to GDP and steel output has bounced but is well short of last year’s stimulus highs and not likely to reach them:
In short, it’s as expected. Property is still sliding even as authorities pile into infrastructure stimulus to offset it.
