After retreating over the past year, average new home prices in China's 70 major cities were unchanged year-on-year in June. We should also note that some zombie property developers are now being delisted from local stock exchanges. It is unlikely to be the only large commercial real estate fund to run into liquidity trouble. The UST 10yr yield will start today at 3.83% and unchanged from Saturday. That all means the TWI-5 is now still at 71 but up +70 bps from a week ago.

Source: The Guardian July 16, 2023 22:43 UTC