Chinese property crashes through the floor

It is amusing to watch, in the usual dark way, as Chinese authorities butcher their response to the property crash that they themselves triggered (quite rightly, I might add). I am not sure why the attempted rescues are so badly structured but the import of it is that there is no end in sight.

New property sales by land area are now down by 60% year on year and developer spreads are still paralytic. Both are still trending worse:

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