China April new house prices -0.6% m/m (prior -0.3%)

April new house prices in China -0.6% m/m

-3.1% y/y

New house prices slumping,

• used houses prices down also, -0.9% m/m.

64 cities out of 70 with m/m decreases in sales prices of new homes vs. 57 in March

• 69 decrease in 2nd-hand vs. 69 in March

House prices falling more rapidly than in March. Hard to argue this is a positive sign, until it turns around. Maybe this will make a difference ahead:

Property sector stocks are soaring since that news was released. While its still said to be only a plan, expectations of the purchase of unsold homes from distressed developers is high.