Ebbs and flows in the Chinese property bust

Yesterday we saw worsening Chinese house price data. The Chinese media tends to focus on the year-on-year price changes. Currently, only three cities have year on year new home price declines, but at the current rate of acceleration, by October nearly every city will be down year on year.

March: 4 cities saw declines in price mom, 10 cities were flat, 56 were up.
April: 8 cities saw declines in price mom, 18 cities were flat, 44 were up.
May: 35 cities saw declines in price mom, 20 cities were flat, 15 were up.
June: 55 cities saw declines in price mom, 7 cities were flat, 8 were up.
July: 64 cities saw declines in price mom, 4 cities were flat, 2 were up.

The price decline trend is national now, with only two cities seeing price gains and four with flat prices. Among the cities with no change was Wenzhou. On average, prices fell 0.9% in July.

In May, the average price decline among cities with declining prices was 0.3%, and that doubled to 0.6% in June, but in July, the 70 city average change is a 0.9% price decline mom.

In June, the largest price decline was 1.7% in Hangzhou. In July, Hangzhou and Sanya saw the largest declines at 2.4% mom.

70 city new home price changes by area: below 90 sqm prices fell 0.9% mom; 90-144 sqm prices fell 1.0%; above 144 sqm prices fell 1.0%.

Only 1 city saw existing home prices increase, while 4 were flat. The average change across 70 cities was a 0.8% decline in existing home prices.

70 city existing home price changes by area: below 90 sqm prices fell 0.8% mom; 90-144 sqm prices fell 0.7%; above 144 sqm prices fell 0.8%.

See the full tables below.

Ebbs and flows around the bust are rising. Ifeng looks at why home owners are giving up their homes. The center of activity is in the Yangtze river delta.

“In the past few years, many small business owners blindly invest in real estate, mining and other industries, these industries are now overcapacity, falling asset prices, business owners funding quilt, inability to repay bank debts.” General manager of Wenzhou, a microfinance company, told reporters, because real economic downturn, the current bank’s non-performing loans in Zhejiang was still rising.

“We are here for personal housing mortgage loans almost no break, but many take the house as collateral consumer and business loans go wrong.” Ms. Ge Ningbo, Ningbo, a county bank account manager, told reporters.

Home buyers aren’t losing their homes, it’s those who used their mortgages as collateral for business and speculative loans. (I’m assuming the Chinese using consumer loans in these cases didn’t actually use them for consumption, though some may have.)

Jones Lang LaSalle Research Manager Zhou Zhifeng believes that only when prices fall more than 30% home owners consider giving up their home. Prices have fallen that much in Wenzhou, where the housing market peaked in 2011, but the rest of the region has yet to see similar declines.

Also from Ifeng, there is a danger is a danger of a jump in jingle mail:

Wenzhou’s housing market peaked in 2011, but the abandoned home situation only became a big issue in the past year or so. This is in part due to the economic slowdown, but also due to the homeowners being severely underwater. As mentioned yesterday, Wenzhou borrowers used homes as collateral for loans that went for business and investment use. On the one hand, this supports the widely held belief that Chinese make 30-40% down payments and pay their mortgages. On the other hand, there are perhaps 50 million empty homes that would be prime candidates for jingle mail should prices collapse nationwide as they have in Wenzhou. Also, since these homes are clearly owned by wealthy individuals (average price around $1 million), the hit to banks could be substantial.

Finally, one major bank is set to cut mortgage rates, from EEO, draft document of a credit easing policy from Construction Bank in Shanghai has the media abuzz. Better hurry!

表1：2014年7月70个大中城市新建住宅价格指数
城市	新建住宅价格指数			城市	新建住宅价格指数
	环比	同比	定基		环比	同比	定基
	上月=100	去年同月=100	2010年 =100		上月=100	去年同月=100	2010年 =100
北京	99.0	104.0	121.4	唐山	99.8	100.5	103.0
天津	99.2	102.1	111.8	秦皇岛	99.2	101.4	114.3
石家庄	99.2	103.6	119.8	包头	98.9	100.4	111.2
太原	98.5	103.4	114.4	丹东	99.5	102.6	116.9
呼和浩特	99.0	104.1	115.1	锦州	99.8	104.0	115.7
沈阳	98.3	100.8	117.7	吉林	99.5	101.9	113.8
大连	98.7	102.3	117.3	牡丹江	100.0	101.7	113.4
长春	99.3	103.1	113.3	无锡	99.4	100.1	105.2
哈尔滨	99.3	103.1	114.1	扬州	98.3	102.4	110.3
上海	98.8	104.1	119.6	徐州	99.9	102.4	112.5
南京	99.2	103.5	113.1	温州	100.0	95.4	79.3
杭州	97.6	97.6	96.3	金华	99.2	100.8	102.4
宁波	98.6	100.0	97.0	蚌埠	99.4	101.4	107.7
合肥	99.3	104.0	113.1	安庆	99.2	101.4	108.0
福州	98.5	102.9	118.2	泉州	98.8	102.0	106.9
厦门	100.2	107.1	127.9	九江	99.2	101.3	108.6
南昌	99.1	102.0	116.8	赣州	98.9	102.0	112.7
济南	98.8	102.3	112.0	烟台	99.2	103.9	112.0
青岛	98.8	102.6	109.0	济宁	99.6	103.0	112.9
郑州	100.0	103.1	122.2	洛阳	99.2	102.5	115.2
武汉	98.3	102.3	114.8	平顶山	98.8	103.1	113.6
长沙	98.6	102.3	120.3	宜昌	99.0	102.0	113.4
广州	98.7	105.2	127.7	襄阳	98.8	101.1	113.5
深圳	99.4	105.1	124.9	岳阳	99.5	102.2	114.5
南宁	98.8	102.3	111.4	常德	99.0	102.4	111.8
海口	99.2	100.3	102.2	惠州	99.2	103.7	113.6
重庆	99.1	102.4	113.1	湛江	99.3	104.5	118.5
成都	98.9	102.2	112.8	韶关	98.4	98.4	110.6
贵阳	99.6	103.2	114.3	桂林	98.7	102.7	117.2
昆明	99.2	102.3	113.4	北海	99.5	104.2	111.9
西安	99.4	103.6	116.1	三亚	97.6	101.6	105.0
兰州	99.4	101.3	114.7	泸州	98.3	103.4	111.8
西宁	100.0	105.4	122.6	南充	98.9	101.6	112.0
银川	99.2	104.3	114.9	遵义	99.3	102.7	113.0
乌鲁木齐	99.4	104.2	124.0	大理	100.1	103.3	107.6
注：环比以上月价格为100，同比以去年同月价格为100，定基以2010年价格为100。

表2：2014年7月70个大中城市新建商品住宅价格指数
城市	新建商品住宅价格指数			城市	新建商品住宅价格指数
	环比	同比	定基		环比	同比	定基
	上月=100	去年同月=100	2010年 =100		上月=100	去年同月=100	2010年 =100
北京	98.7	104.9	127.6	唐山	99.8	100.6	103.3
天津	99.1	102.3	113.4	秦皇岛	99.2	101.6	115.9
石家庄	99.2	103.7	120.2	包头	98.8	100.5	112.5
太原	98.4	103.5	114.9	丹东	99.5	102.6	117.0
呼和浩特	99.0	104.2	115.6	锦州	99.8	104.0	115.7
沈阳	98.3	100.8	118.3	吉林	99.5	102.0	114.5
大连	98.7	102.3	117.5	牡丹江	100.0	101.7	113.5
长春	99.3	103.2	113.7	无锡	99.4	100.0	105.8
哈尔滨	99.2	103.2	114.8	扬州	98.2	102.5	110.6
上海	98.6	104.8	123.4	徐州	99.9	102.5	113.2
南京	98.9	104.5	117.2	温州	100.0	95.1	78.1
杭州	97.5	97.5	96.1	金华	99.1	100.8	102.4
宁波	98.6	100.0	96.8	蚌埠	99.4	101.5	107.9
合肥	99.2	104.4	114.1	安庆	99.2	101.5	108.3
福州	98.5	103.0	118.5	泉州	98.7	102.0	107.3
厦门	100.2	107.2	128.7	九江	99.2	101.4	109.0
南昌	99.0	102.0	117.5	赣州	98.9	102.0	112.8
济南	98.8	102.3	112.0	烟台	99.2	104.0	112.2
青岛	98.8	102.7	109.4	济宁	99.6	103.1	113.3
郑州	100.0	103.2	122.7	洛阳	99.2	102.6	115.5
武汉	98.2	102.4	115.6	平顶山	98.8	103.1	113.8
长沙	98.5	102.3	120.5	宜昌	99.0	102.0	113.6
广州	98.7	105.3	128.0	襄阳	98.8	101.1	113.6
深圳	99.4	105.1	125.4	岳阳	99.1	103.3	120.1
南宁	98.7	102.4	111.7	常德	98.9	102.5	111.9
海口	99.2	100.3	102.2	惠州	99.2	103.7	113.6
重庆	99.1	102.5	113.4	湛江	99.3	104.5	118.5
成都	98.9	102.2	112.9	韶关	98.3	98.3	110.9
贵阳	99.5	103.5	115.5	桂林	98.7	102.8	117.6
昆明	99.0	102.7	115.3	北海	99.5	104.2	112.0
西安	99.3	104.0	117.8	三亚	97.6	101.6	105.0
兰州	99.4	101.3	115.0	泸州	98.2	103.5	112.2
西宁	100.0	105.4	122.6	南充	98.9	101.6	112.1
银川	99.1	104.7	116.0	遵义	99.2	103.1	114.6
乌鲁木齐	99.4	104.2	124.1	大理	100.1	103.6	108.3

表3：2014年7月70个大中城市二手住宅价格指数
城市	二手住宅价格指数			城市	二手住宅价格指数
	环比	同比	定基		环比	同比	定基
	上月=100	去年同月=100	2010年 =100		上月=100	去年同月=100	2010年 =100
北京	99.2	102.4	116.6	唐山	100.0	100.0	104.0
天津	99.1	102.8	107.8	秦皇岛	98.8	97.4	100.7
石家庄	99.8	102.3	101.5	包头	98.7	100.0	101.4
太原	98.8	101.2	115.3	丹东	99.3	100.9	104.9
呼和浩特	99.3	100.1	106.4	锦州	99.2	99.9	100.9
沈阳	98.5	102.1	108.9	吉林	99.4	98.8	103.5
大连	98.7	99.1	106.4	牡丹江	99.1	95.4	98.5
长春	99.6	101.7	105.4	无锡	99.3	100.2	106.2
哈尔滨	100.0	103.6	104.4	扬州	100.0	101.7	102.2
上海	99.1	103.2	115.7	徐州	99.7	100.0	99.5
南京	99.1	103.0	105.7	温州	98.9	89.8	77.2
杭州	98.9	97.5	94.2	金华	99.1	99.5	96.0
宁波	99.0	99.5	94.3	蚌埠	99.2	102.7	108.8
合肥	99.1	104.3	107.2	安庆	99.5	99.3	100.0
福州	99.0	102.2	102.9	泉州	98.9	100.8	98.8
厦门	100.0	105.7	113.5	九江	99.4	100.5	103.3
南昌	99.2	102.2	106.0	赣州	98.9	98.4	98.4
济南	99.0	100.5	104.9	烟台	99.0	101.3	103.4
青岛	99.1	99.8	102.1	济宁	99.2	99.6	107.4
郑州	99.9	106.4	114.0	洛阳	99.1	103.6	113.3
武汉	98.9	102.4	109.9	平顶山	98.9	102.3	111.3
长沙	98.7	102.6	108.2	宜昌	99.1	101.8	107.9
广州	98.9	105.2	120.0	襄阳	99.1	101.6	114.4
深圳	99.4	107.4	122.6	岳阳	99.3	101.9	114.8
南宁	99.1	100.6	105.5	常德	99.5	101.7	114.0
海口	99.4	99.0	94.0	惠州	98.7	102.9	110.9
重庆	99.2	101.1	104.2	湛江	99.3	101.8	110.7
成都	98.8	100.9	103.0	韶关	98.8	100.2	107.8
贵阳	99.6	104.7	119.4	桂林	99.2	100.4	105.3
昆明	98.8	101.4	114.5	北海	99.2	101.1	107.0
西安	99.1	100.0	104.6	三亚	99.4	100.9	95.8
兰州	99.6	101.1	100.8	泸州	99.0	102.9	105.1
西宁	100.1	102.1	113.0	南充	99.3	102.3	105.8
银川	99.6	104.7	112.4	遵义	99.4	101.7	111.8
乌鲁木齐	99.6	103.3	113.9	大理	99.4	99.2	103.1

表4：2014年7月70个大中城市新建商品住宅分类价格指数
城市	90m²及以下			90-144m²			144m²以上
	环比	同比	定基	环比	同比	定基	环比	同比	定基
	上月 =100	去年同月 =100	2010年 =100	上月 =100	去年同月 =100	2010年 =100	上月 =100	去年同月 =100	2010年 =100
北京	98.1	104.4	128.4	98.4	104.4	126.9	99.5	105.8	127.8
天津	99.0	102.0	115.3	99.2	102.6	112.7	99.1	102.1	112.5
石家庄	99.1	104.3	120.8	99.1	103.2	120.7	99.4	104.3	118.7
太原	98.6	104.6	116.6	98.4	103.9	116.9	98.4	102.5	112.0
呼和浩特	99.3	104.6	117.2	99.0	103.9	113.8	98.7	104.4	117.0
沈阳	98.4	101.0	121.3	98.0	100.6	116.9	98.5	100.8	114.5
大连	98.8	101.7	117.5	98.6	103.3	118.3	98.4	101.9	116.1
长春	99.3	102.6	118.5	99.2	104.0	113.8	99.2	102.5	108.3
哈尔滨	99.1	103.3	116.1	99.3	103.0	114.4	99.4	103.3	113.4
上海	98.6	105.4	127.9	98.6	104.8	122.8	98.7	104.4	121.7
南京	99.0	104.3	117.1	98.9	104.5	117.5	98.9	104.7	116.7
杭州	97.4	95.3	95.5	97.5	98.3	96.0	97.8	98.9	96.6
宁波	97.2	96.8	94.9	98.4	100.0	95.8	99.1	101.1	98.2
合肥	99.4	103.9	116.8	99.2	104.7	113.6	98.8	103.4	109.9
福州	98.5	102.9	117.8	98.9	102.8	120.9	97.9	103.1	116.4
厦门	100.3	108.0	132.8	100.1	107.9	130.1	100.2	106.0	124.5
南昌	99.1	101.9	116.4	99.2	102.3	119.1	98.8	101.6	114.9
济南	99.0	103.3	116.1	98.9	102.0	111.9	98.6	102.5	110.6
青岛	98.8	102.0	108.6	98.7	103.1	111.3	98.8	102.8	107.1
郑州	100.1	103.4	124.5	100.0	102.2	121.1	99.8	103.9	122.1
武汉	98.4	102.9	116.9	98.1	101.9	115.7	98.3	103.2	113.6
长沙	98.7	102.6	123.7	98.9	102.2	120.8	98.0	102.3	117.3
广州	98.7	105.5	128.4	98.6	105.6	130.9	98.8	104.7	124.6
深圳	98.9	105.0	127.9	98.7	105.2	123.2	100.2	105.2	124.0
南宁	98.8	102.6	112.1	98.8	102.2	111.7	98.4	102.7	110.7
海口	99.0	100.8	105.4	99.4	100.7	102.5	98.8	99.3	100.8
重庆	99.1	102.4	116.3	99.0	102.0	111.7	99.1	103.3	111.7
成都	99.3	101.9	112.7	98.9	103.1	115.2	98.4	101.5	109.5
贵阳	99.1	103.6	117.5	99.7	103.6	115.6	99.4	103.2	114.1
昆明	99.1	103.1	118.5	99.1	103.0	115.4	98.7	101.7	111.1
西安	99.2	103.7	120.7	99.6	103.4	116.0	99.0	105.4	116.7
兰州	99.7	101.1	115.3	99.3	101.5	114.5	99.4	101.0	116.1
西宁	100.2	105.7	122.4	100.1	105.4	123.0	99.7	105.2	121.0
银川	99.2	105.5	119.3	99.0	104.3	113.6	99.3	104.2	116.1
乌鲁木齐	99.3	105.2	125.6	99.5	103.9	125.8	99.1	102.9	117.9
唐山	99.7	101.6	105.0	99.8	100.4	103.5	99.8	99.6	100.7
秦皇岛	99.2	101.9	117.7	99.2	101.4	114.9	99.1	101.5	114.3
包头	98.4	100.7	113.3	98.9	100.9	113.4	99.2	98.3	107.6
丹东	99.5	103.4	119.5	99.5	102.3	116.4	99.4	101.8	112.4
锦州	99.7	103.9	116.2	99.9	104.0	116.3	100.0	104.0	111.5
吉林	99.5	101.4	114.5	99.6	101.9	114.3	99.3	103.0	115.0
牡丹江	100.0	101.7	113.4	100.0	101.9	113.9	100.0	100.4	113.4
无锡	99.1	99.4	107.5	99.5	100.9	106.5	99.3	99.1	103.8
扬州	98.2	102.7	112.6	98.2	102.2	110.4	98.3	103.1	110.4
徐州	99.8	101.5	111.6	99.9	102.5	113.9	99.8	103.9	111.7
温州	100.0	94.2	80.3	100.0	94.5	81.5	99.9	95.4	76.9
金华	99.1	102.5	110.7	99.2	101.2	104.9	99.1	99.9	98.2
蚌埠	99.6	104.0	111.9	99.4	100.5	106.4	98.7	101.7	108.3
安庆	99.1	101.9	110.7	99.2	101.4	108.2	99.3	101.7	107.9
泉州	98.9	102.1	107.8	98.7	102.7	108.9	98.6	101.0	104.3
九江	98.9	101.1	109.1	99.1	101.8	110.2	99.8	100.7	104.5
赣州	99.1	102.8	112.5	98.8	102.1	113.3	99.0	101.4	112.0
烟台	99.6	104.6	112.3	99.1	104.4	113.8	99.1	101.7	106.9
济宁	99.7	104.3	115.1	99.6	102.9	114.3	99.4	102.4	109.3
洛阳	99.7	105.0	121.6	99.3	101.2	113.2	98.8	102.3	113.7
平顶山	98.8	103.4	115.7	98.4	104.1	116.2	99.4	101.1	107.5
宜昌	98.9	102.7	114.0	99.1	101.9	113.9	98.8	101.9	111.6
襄阳	99.3	101.3	115.9	98.7	101.3	114.4	98.6	100.3	109.5
岳阳	99.4	103.7	121.0	99.1	103.6	122.1	98.7	102.5	118.2
常德	99.3	104.1	116.5	98.9	102.2	111.0	98.7	102.5	112.5
惠州	99.9	106.8	122.5	99.0	102.5	114.1	98.9	103.2	109.4
湛江	99.3	104.6	118.2	99.4	104.4	120.6	99.0	104.3	115.3
韶关	98.6	99.2	112.9	98.2	97.8	109.8	98.0	97.3	105.0
桂林	98.3	102.4	115.8	98.8	103.1	119.8	98.9	101.7	110.3
北海	99.5	104.2	111.9	99.3	104.1	113.4	99.9	104.1	107.2
三亚	99.9	104.0	107.6	95.3	99.2	103.2	96.0	99.9	102.4
泸州	98.3	103.8	111.5	98.2	103.5	112.6	97.9	102.9	111.0
南充	98.8	101.1	110.9	98.8	101.9	112.6	99.2	101.7	112.2
遵义	99.3	103.3	115.2	99.1	102.7	114.6	99.2	103.6	113.9
大理	100.1	103.3	107.8	100.2	103.9	107.7	99.9	103.6	109.7

表5：2014年7月70个大中城市二手住宅分类价格指数
城市	90m²及以下			90-144m²			144m²以上
	环比	同比	定基	环比	同比	定基	环比	同比	定基
	上月 =100	去年同月 =100	2010年 =100	上月=100	去年同月 =100	2010年 =100	上月 =100	去年同月 =100	2010年 =100
北京	99.2	102.3	118.3	99.2	102.7	116.1	99.1	102.4	113.4
天津	99.2	103.4	110.7	99.1	102.9	108.9	99.0	100.2	99.6
石家庄	99.7	102.2	101.5	99.9	102.6	102.7	99.8	101.4	96.6
太原	98.7	101.5	117.0	99.0	101.1	114.5	98.8	100.5	112.5
呼和浩特	99.3	100.2	106.7	99.4	100.5	107.5	99.3	99.2	103.8
沈阳	98.3	102.2	109.6	98.9	101.9	108.7	98.2	102.0	104.6
大连	98.9	99.5	106.7	98.5	97.9	105.1	98.7	101.1	109.2
长春	99.6	101.9	107.7	99.5	101.2	103.1	99.8	101.8	102.5
哈尔滨	100.0	103.8	104.6	99.9	104.4	105.4	100.1	102.0	102.5
上海	99.1	103.9	118.4	99.2	102.9	115.4	99.1	101.8	109.5
南京	99.4	104.1	105.4	99.2	102.5	104.1	98.4	102.2	108.5
杭州	98.9	98.1	96.3	99.0	98.2	94.7	99.1	93.7	85.1
宁波	98.8	99.3	94.9	99.4	99.9	94.0	99.2	99.2	92.7
合肥	99.3	105.8	110.1	99.0	103.6	106.3	99.2	105.3	105.4
福州	99.2	102.8	103.9	98.8	102.4	104.9	99.1	101.4	101.7
厦门	99.9	105.8	116.3	100.0	106.5	114.9	100.0	104.3	107.9
南昌	99.3	103.0	110.2	98.9	101.1	101.8	99.8	102.5	104.3
济南	99.1	100.1	102.8	98.8	100.8	106.3	99.0	101.1	108.9
青岛	98.9	101.2	103.4	99.2	98.9	101.2	99.3	99.0	101.8
郑州	100.0	107.6	116.0	100.0	106.4	113.2	99.5	104.6	112.3
武汉	98.9	102.3	109.9	98.9	102.7	110.8	98.8	102.0	107.0
长沙	98.5	101.1	107.2	98.8	103.1	109.1	98.8	104.2	108.0
广州	99.1	105.2	123.6	98.4	104.8	118.0	99.3	105.6	115.5
深圳	99.3	109.2	126.2	99.4	106.2	124.0	99.7	104.5	110.7
南宁	99.1	100.8	106.2	99.1	100.5	106.8	99.0	100.3	101.5
海口	99.1	99.3	94.3	99.4	99.3	94.5	99.4	98.2	92.9
重庆	99.3	101.9	102.1	99.2	100.9	105.5	99.1	99.5	106.6
成都	99.0	101.1	103.8	98.7	100.5	101.5	98.6	101.4	103.9
贵阳	99.5	105.5	120.5	99.7	103.0	116.5	99.6	104.0	119.8
昆明	98.5	101.2	116.3	98.8	102.1	114.2	99.1	100.5	112.5
西安	99.0	99.5	106.3	99.2	100.2	103.0	98.9	100.7	106.3
兰州	99.7	101.0	100.3	99.6	101.3	100.7	99.6	100.7	102.3
西宁	100.1	102.3	114.2	100.1	101.8	111.8	100.0	101.8	110.0
银川	99.7	104.7	112.1	99.4	104.7	112.6	99.7	104.6	112.6
乌鲁木齐	99.4	103.5	117.0	99.8	103.5	112.3	99.1	100.8	108.2
唐山	100.0	100.1	104.5	100.0	99.8	102.4	99.4	100.0	100.8
秦皇岛	99.0	97.5	102.2	98.6	97.0	98.1	98.9	98.3	100.3
包头	98.7	101.1	101.5	98.8	99.0	102.4	98.5	99.7	96.9
丹东	99.3	101.1	107.5	99.2	100.8	103.2	99.5	100.0	99.6
锦州	99.0	99.9	99.7	99.5	100.4	102.0	99.7	99.2	106.8
吉林	99.3	99.0	105.1	99.4	98.7	104.1	99.5	98.3	98.1
牡丹江	99.0	94.5	99.0	99.5	98.0	98.5	99.0	97.4	95.3
无锡	99.5	100.7	105.8	99.3	100.1	106.2	99.0	99.2	107.0
扬州	100.0	102.3	102.9	99.9	101.3	101.7	100.3	100.3	100.4
徐州	99.9	100.3	99.7	99.6	99.5	98.9	100.0	101.4	101.4
温州	99.3	91.1	80.3	98.8	91.2	77.3	98.5	87.1	74.2
金华	99.1	99.9	97.5	99.2	100.3	96.8	99.0	96.6	91.3
蚌埠	99.2	103.6	109.8	99.3	101.5	107.6	99.2	101.4	107.1
安庆	99.5	99.3	99.9	99.3	98.6	99.9	99.5	99.7	100.8
泉州	98.7	100.4	97.7	99.2	101.4	99.9	98.7	100.2	98.6
九江	99.3	100.8	104.1	99.5	100.8	101.9	99.2	97.2	103.1
赣州	98.8	97.9	98.4	98.9	99.1	99.2	98.8	97.6	97.1
烟台	98.8	100.6	105.2	99.0	102.1	105.5	99.1	101.5	99.0
济宁	99.0	99.5	110.4	99.3	100.5	106.6	99.2	96.9	101.9
洛阳	98.9	104.9	115.2	99.2	102.8	112.4	99.1	102.9	111.9
平顶山	98.8	102.5	115.9	99.1	102.5	109.1	98.9	100.5	99.9
宜昌	99.1	101.7	107.1	99.1	102.1	108.7	98.6	100.4	105.0
襄阳	99.5	100.8	116.4	99.2	102.6	116.0	98.8	100.6	110.9
岳阳	99.4	102.0	114.1	99.5	102.4	115.6	99.1	101.3	113.9
常德	99.6	101.5	117.8	99.6	101.8	115.6	99.3	101.5	107.2
惠州	98.6	102.7	111.5	99.1	103.7	109.0	98.4	102.2	111.7
湛江	99.4	102.1	110.6	99.5	102.8	113.6	99.0	100.1	107.2
韶关	99.0	100.3	106.2	98.9	100.4	110.3	98.5	99.8	104.2
桂林	99.2	100.9	105.6	99.2	100.1	105.8	98.9	98.7	101.4
北海	99.1	101.5	107.5	99.2	100.3	106.4	99.1	99.9	104.8
三亚	99.4	101.8	96.9	99.6	101.1	95.9	99.0	99.6	94.3
泸州	98.8	102.6	105.1	99.4	103.6	105.1	98.7	101.6	104.9
南充	99.3	102.1	106.1	99.4	102.6	105.6	98.9	102.1	104.9
遵义	99.3	102.3	110.0	99.4	101.6	113.3	99.3	100.1	110.4
大理	99.2	99.5	104.3	99.8	99.0	101.7	99.3	99.2	103.7 Advertisement

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.