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Policy rhetoric is becoming easier, and FCI is easing. But there are two big headwinds to any of this having an impact: investor scepticism, and covid.
The government's view that it is homebuilders not homebuyers who are the "speculators" has big implications for where the property cycle goes next, and what that means for the economy.
It wasn't a surprise that the official PMIs fell sharply in April, but the charts are nonetheless quite dramatic.
The Politburo has gone a step further in supporting the economy, including real estate.
The government, fearing inflation or perhaps CNY weakness, is stepping up easing, but trying rather furtively.
The government's plan right now is to get the virus under control, and then guide companies back to work, thereby lifting the economy out of the covid shock without having to commit to a whole load of new 'stimulus'.
The National Bureau of Statistics reported today that the economy continued to recover in Q1, and overall was "stable". That's quite the positive spin.
Somewhat strangely, Chinese property prices in March continued to show signs of bottoming out.
YoY export growth is clearly slowing, and while the (somewhat patchy) leading indicators available for Chinese export growth suggest this weakening continues, the downside looks somewhat limited for now.