What sustains the China new home sales?

China Property: sales volume growth in 2019 at a national level in gross floor area has surprised many with its resilience (see the red line on the chart below – year-to-date year-on-year measure, all property not just residential), but what has contributed to that growth? In a by-region cut, it is clear that the Western region has been a positive growth driver. Chengdu, Chongqing, Xi’an are the largest markets in the region. However, in terms of the year-to-date year-on-year growth, Nanchong is an example of a city with strong growth and high absolute levels.