Chinese house prices are slowing. The month on month gain in July was 0.4% and year on year was down to 9.4%:

Top tier cities are sinking swiftly towards zero while lower tier growth is easing off:

The number of cities with falling prices rose to 14 out of 70 and is slowly trending up:

I expect this to continue as mortgage finance is sat on by macroprudential. I don’t expect rate cuts or falls.

The final chart tells you what comes next as the market cools:

Bulk commodity destocking and price falls.