(LNGFOR, B1neg/BB-neg/BB-neg)
"*LONGFOR GROUP JULY CONTRACTED SALES 6.00B YUAN" - BBG
Monthly property sales statistics are out for August. As shown in the attached chart, sales reached around RMB4.7bn (-27% YoY), with an approximate average selling price of RMB11,425 per sqm. Year to date end August sales are around 30% lower YoY. Overall negative for credit.
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ACGBs (YM -1.0 & XM -2.0) are slightly weaker after US tsys finished moderately cheaper on Friday.
With the next RBNZ meeting approaching (August 20), this week contains a number of high frequency releases that the MPC monitors and should give a sense for how the economy began Q3.
In local morning trade, NZGBs are 1-2bps cheaper after US tsy yields ended Friday 2-4bps higher on the bounce in risk appetite and as the market continued to digest the $125 B in new supply after poor auction take down.