Five years in. The signal is not the MoM print, it is land-sale revenue collapsing the municipal funding stack underneath it.
China's housing crisis is still getting worse:
New home prices in 70 Chinese cities fell -0.2% MoM in May, deteriorating from a -0.1% decline in April.
YoY, prices dropped -3.5% for the 2nd consecutive month.
Existing home prices fell -0.3% MoM, marking the largest monthly
