China fires up the housing bubble

Trade war? No problem. Housing bubble is the answer. Monthly house price data for May had new house prices up an accelerating 0.7% and 10.7% year on year:

The breadth is now nearly complete with 68 of 70 markets rising:

Including some formerly constrained first tier markets:

The raw data:

Expect this to continue because, bluntly, as China is belted out of the global economy what else is there?

One final caveat is this:

So far there is no follow through for land purchased for construction. On the contrary. If this continues and construction growth falls then Chinese output will be in all sorts of pain.

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