Chinese house prices fade away

The fade continues for Chinese data. This time new home prices which eased to 0.53% on the month and 8.4% on the year:

All city tiers are slowing though lower remains stronger:

Breadth of price gains is falling away at a good pace now, down to 44 cities with rising prices and 26 with flat or falling:

Here is the raw data:

I expect this will continue as mortgage lending slows:

And construction ought to follow with bulk commodities crashing in due course.

The PBOC will have to cut the cash rate soon or the property will stall. Yet how can it when it is promising Washington a rising or flat CNY?

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