Cross-posted from Investing in Chinese Stocks:
China macroprudential biting:
Beijing realtors say sales are off by 40 to 50 percent within the Third Ring, and worse beyond. Centaline reports sales of about 9500 homes through June 26, down more than 50 percent from this time in May, when more than 20,000 homes had been sold. The oft quoted Zhang Dawei of Centaline said although Beijing did not directly implement buying restrictions, the other cities such as Shenzhen did, and the sentiment shift spread to Beijing. As a result of slowing sales, home price increases are also slowing.
