Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Macroeconomics

<ul>
<li>Today's NBS data for house price growth (new homes and the secondary market) for 70 major cities in December 2023 indicates further declines </li>
<li>Aggregate figures and averages may not reflect the 'on-the-ground' feel, but the relative performance of cities should give a good indication of city-level dynamics</li>
<li>Chengdu, Shanghai, Xi'an, and Sanya finished with the relatively strongest growth rates year-on-year for the new home price growth</li>
</ul>


Today's NBS data for house price growth (new homes and the secondary market) for 70 major cities in December 2023 indicates further declines 
Aggregate figures and averages may not reflect the 'on-the-ground' feel, but the relative performance of cities should give a good indication of city-level dynamics
Chengdu, Shanghai, Xi'an, and Sanya finished with the relatively strongest growth rates year-on-year for the new home price growth


China Official House Price Growth Rates Turn More Negative In December 2023

Thematic (Sector/Industry)

<ul>
<li>Today's NBS data for December points to further weakness in the housing market year-to-date year-on-year while turning less negative on most indicators on a 12M rolling basis</li>
<li>But the main caveat persists - the 2022 data (March-December) continued to be revised down (officially) for some key metrics like new home sales</li>
<li>Land sales /acquisitions figures, however, show a clear improvement on multiple (non-NBS) metrics, especially for major 13 developers </li>
</ul>


Today's NBS data for December points to further weakness in the housing market year-to-date year-on-year while turning less negative on most indicators on a 12M rolling basis
But the main caveat persists - the 2022 data (March-December) continued to be revised down (officially) for some key metrics like new home sales
Land sales /acquisitions figures, however, show a clear improvement on multiple (non-NBS) metrics, especially for major 13 developers 


China Property - Today's NBS Macro-Property Data for December 2023

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>The property slump is expected have slightly less of an impact on China’s economy in 2024 than feared, while fiscal support will play a bigger role, Wang Tao, UBS’s chief China economist, said at a Tuesday seminar.</li><li>The year-on-year growth rate in 2024 will be lower than that in 2023, but the economy will continue to recover and stabilize with a growth rate of about 4.5%, Wang said.</li><li>The biggest drag on the economy from the property slump happened in 2022, the economist said.</li></ul>

The property slump is expected have slightly less of an impact on China’s economy in 2024 than feared, while fiscal support will play a bigger role, Wang Tao, UBS’s chief China economist, said at a Tuesday seminar.The year-on-year growth rate in 2024 will be lower than that in 2023, but the economy will continue to recover and stabilize with a growth rate of about 4.5%, Wang said.The biggest drag on the economy from the property slump happened in 2022, the economist said.

UBS Economist Expects Less Property Drag on China’s Economy in 2024 

<ul>
<li>This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources</li>
</ul>


This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources


China Property Developers In Distress - Weekly News & Announcements Tracker | Jan 5-11, 2024

<ul>
<li>China's Pledged Supplementary Lending (PSL) data shows a spike in December, though 2023 still ended with a lower PSL increase than 2022</li>
<li>The latest increase is seen by some as a signal of support ultimately for the property sector, though we think this is very different from the 2014-2015 stimulus</li>
<li>The previous increases in 2022 were associated with support for the completion of unfinished development projects, and in 2014-2018, with shantytown renovation schemes, incl. "monetarization"</li>
</ul>


China's Pledged Supplementary Lending (PSL) data shows a spike in December, though 2023 still ended with a lower PSL increase than 2022
The latest increase is seen by some as a signal of support ultimately for the property sector, though we think this is very different from the 2014-2015 stimulus
The previous increases in 2022 were associated with support for the completion of unfinished development projects, and in 2014-2018, with shantytown renovation schemes, incl. "monetarization"


China Macro-Property: The Pledged Supplementary Lending (PSL) December 2023 Spike In Context

China

China Evergrande Group was a major Chinese property developer, known for large-scale residential projects and diversified operations in property management, new energy vehicles, cultural tourism, and health industries. The company was founded in 1996 and was headquartered in Shenzhen, China.

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China Evergrande (3333 HK)

China Official House Price Growth Rates Turn More Negative In December 2023

China House Prices: Chengdu, Shanghai, Xi'an, and Sanya finished with the relatively strongest growth rates year-on-year for the new home price...

Robert Ciemniak

China Property - Today's NBS Macro-Property Data for December 2023

Today's NBS data for December points to further weakness in the housing market year-to-date year-on-year while turning less negative on most...

Robert Ciemniak

UBS Economist Expects Less Property Drag on China’s Economy in 2024

The property slump is expected have slightly less of an impact on China’s economy in 2024 than feared, while fiscal support will play a bigger...

Caixin Global

China Property Developers In Distress - Weekly News & Announcements Tracker | Jan 5-11, 2024

This note is a weekly (Jan 5-11, 2024) curated selection of Chinese news articles and company announcements focused on developers in distress.

Robert Ciemniak

China Macro-Property: The Pledged Supplementary Lending (PSL) December 2023 Spike In Context

China Macro-Property: In this note, we look briefly at the latest spike in Pledged Supplementary Lending (PSL) in December 2023, putting it into...

Robert Ciemniak

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