Property sector indicators continued weakening in August, and 30-city sales so far in September have declined by 42% y/y. A widely anticipated broader policy support package for the sector has not materialized, but the smaller decline in completions suggests Beijing has gained some traction in finishing stalled housing construction. Sharp declines in land sales (-57%) and new starts (-47%) virtually guarantee that the slowdown in construction activity will extend into the first half of 2023.
