The consistent MoM decline in property prices is why Beijing is pushing supportive policies.

I’d be worried if the rate of decline does not significantly lessen in October given the reports of a more active buyer market since the National Day holiday.

ALL CHINA SEPT NEW HOME PRICES -0.7% M/M (AUG -0.7%), -5.8% Y/Y (AUG -5.3%). STABILIZED M/M, WITH Y/Y DECLINES WIDENING.
HOME PRICES FELL M/M IN 66 OF 70 CITIES VS. 67 IN AUG, FELL Y/Y IN 68 CITIES, VS 68 IN AUG.