Chinese property sales pop

Thursday 29 September 2022

Goldman with the note. Sales popped last week but the trend is still down. Let’s see how Golden Week goes before jumping to conclusions.

Mortgage boycott updates: latest number of cities with reported mortgage boycott incidents remained 103, with 357 developer projects being impacted (vs. 103cities/356 projects in prior week). China Construction Bank (CCB) announced a proposal to establish a Rmb30bn rental housing fund with plans to buy out developers’ housing stocks and convert into rental housing units, marking the latest state-backed effort to aid developers’ liquidity encumbrance.

SOE/POE developers sell-through gap reversed to60%/68% (vs. 37%/23% in prior week) according to CRIC.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.