Pantheon Economics with an excellent note:
Chinese Property Sector Update: Keep a Cool Head on Easing
2021 was a terrible year for China’s property sector. Activity and price growth were well below the norms of recent years, as our first chart shows. Bad as the data look, the full-year performance was flattered by a reasonable start, which partially compensated for the disastrous second half of 2021. Even so, new starts collapsed, in a clear sign of the pressures facing property developers.