A new COVID outbreak is building in China:
Mobility sucks despite Golden Week:
Property sales have resumed their downtrend after the Chongqing reopening pop. Developer funding is still frozen:
There are many different data providers on Chinese property but they are all saying the same thing:
Times China tumbled by 10.2%, Longfor Gruop down nearly 9%, CIFI holdings down 8.3%, KWG Group sliding 7.6% and Country Garden and Seazen Holdings sliding 6.9%.
Data from the China Real Estate Information Technology showed that China’s top 100 property developers’ sales in September, a traditional busy season for China’s housing market, reached 570.96 billin yuan, falling by 25.4% from a year earlier, narrowing from the previous months. The sales grew by 10% from the previous month, much slower than above 20% for the same period in previous years, showed the data.
The slower month-on-month growth was mainly because potential homebuyers mostly hold wait-and-see attitude and the improvement in the year-on-year growthwas mainly due to low comparison base in the second half of 2021, said analysts.
Property is for living in, not speculation and it is not coming back.
