Classic Chinese building recovery underway

Given it is likely mostly lies, the most remarkable feature of the Chinese recovery is that it still looks like crap. Headline growth indicators are weak with industrial production up a lousy 4.4% year on year and still down -2.8% YTD. It’s even worse elsewhere with retail sales down -2.8% YOY and -13.5YTD. Fixed asset investment is still down -6.3YTD:

Digging into things a little, it’s still ugly. Empty apartment sales are down solidly YTD but turning upwards YOY:

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