Macquarie has called the bottom of the Chinese residential property market in terms of sales volumes. In a report, the Australian bank says that the recent sales data were better than expected and that a bottom in prices and construction levels is set to follow.
Volume levels in the cities that Macquarie tracks were up by as much as 50% year-on-year in January and February. In month-on-month growth, Guangzhou, Chengdu and Tianjin showed the greatest improvements in February. Shanghai and Hangzhou were excluded from the recovery, however -- the rationale being that cities in the Yangtze and Pearl River deltas entered the downturn later than their peers.
A lot of the demand came from...
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