Wholesale Banking Strategy
MACROECONOMIC UPDATE
China's Property Sector Shrinks for the 1st Time since Pandemic
Property Decline
Sector contracts for the first time since pandemic amid Evergrande crisis
Real gross domestic product growth Construction growth Real-estate growth
'92 193 194 195 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 19 20 21
Source: National Bureau of Statistics
30
-20
+10
-1.8
-10
-20
Bloomberg
% change y/y
Before the pandemic,
China's property &
construction industries
never contracted in data
back to 1992. The
contraction started in Q3
2021, weighted by a slump
in real estate
Output in the real-estate
industry, a mainstay of the
economy as its activities
supports sectors from
furniture to commodities,
shrank 1.6% from a year ago
The construction industry's
output fell by 1.8%, also its
first decline since the
pandemic
CNGDPYOY Index (China GDP Constant Price YoY) CH GDP, contribution Quarterly 27
Source: Bloomberg
Copyright 2021 Bloomberg Finance L.P.
21-Oct-2021 23:15:18
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