The Chinese 70-city house price data was out late yesterday and showed a little sign of improvement. Prices fell 0.2% on the month, the same as April, and were flat over the year:
The breadth of price falls is unchanged:
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Top tiers are stabilising:
But that does not really matter for construction. 80% of that is lower tiers where prices are still collapsing and inventory is about to become a very big problem:
There’s no end in sight to the great Chinese housing construction bust.