NBS data points to slowing real estate sector

Data published by the National Bureau of Statistics (NBS) paints a contrasting picture of the real estate sector in September, with construction activity down, funding up and house prices steady. This data is extremely volatile on a monthly basis, however, with the underlying trend still pointing towards a moderate recovery in this industry. Meanwhile, average weekly housing transactions suggest that sales were poor at the beginning of October. We believe that improved funding for the real estate sector, the slower pace of growth in house prices and continued strong demand fundamentals means that growth is likely to return to robust levels in the near future, however.