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China Property Sector Rescue
Chinese equity markets dipped in June, with sector rotations continuing at a relatively fast pace and trading volume experiencing a slight decline. Real estate transactions showed a mild year-on-year (YoY) recovery following the release of a mid-May real estate policy package. From 1 to 29 June, the YoY growth rate of new home transactions in 60 cities and second-hand home transactions in 26 cities improved to -24.7% and +14.4%, respectively, from -37.5% and -4.7% in the previous month. Although mid-month credit and inflation data fell slightly below expectations, the overall economy continued to improve, with good export, employment and industrial production indicators.
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