China NBS: Jan–Jun property developers’ housing construction area totaled
5,540.5 mn sq m, down 12.5% YoY. Residential construction area was 3,844.5 mn sq
m, down 12.9% YoY. New starts were 232.4 mn sq m, down 23.4% YoY; residential
new starts 169.0 mn sq m, down 24.1% YoY. Completions were 172.2 mn sq m, down
23.7% YoY; residential completions 121.5 mn sq m, down 25.3% YoY.