Not at all. Via NBS, new home prices up 0.34% in September and 4.6% over the year:
45 out of 70 cities rose in real terms which is not your grandfather’s property boom by a long way:
The demographic spread was unchanged with third-tier cities leading. Top tiers are soft:
This is weak stuff for Chinese property. Combined with other recent soft signals, including sales and starts, I wonder if this baby isn’t headed for stagnation rather than any sort of blowoff.
The bear case for iron ore strengthening.