Market Trends - Australian home prices experienced the fastest growth in over two years in October [1] Risk Assessment - Resurgent property market poses a risk, potentially complicating the Reserve Bank's efforts to control inflation [1]

China’s home prices fell more steeply in September, despite recent easing measures introduced by major cities to revive the struggling property market https://t.co/KfN86SS6VP ...

New Zealand’s central bank will allow lenders to make more higher-risk housing loans from December in a potential boost to the property market https://t.co/y00A12Avak ...

Market Trends - South Korea's property market rally extended to a 35th week [1] - Price gains are accelerating despite government measures to cool demand [1]

Exuberance in Dubai’s property market has prompted warnings of price corrections and fears of oversupply. But the market looks more solid than is commonly appreciated https://t.co/P1PIfmXCa2 ...

South Korea’s property market extended its rally to a 34th week as the pace of gains accelerated despite government steps meant to cool prices https://t.co/HKlhxS4T7k ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the fiscal performance of the Chinese government, highlighting the slowdown in both revenue and expenditure growth in August 2023 amid weaker economic activity and ongoing PPI deflation [1][2][3]. Core Insights 1. **Fiscal Revenue and Expenditure Growth**: - Fiscal revenue growth slowed to +2.0% year-on-year (yoy) in August from +2.6% in July, while fiscal expenditure growth decreased to +0.8% yoy from +3.0% in July [2][3]. - Tax revenue growth fell to +3.4% yoy in August from +5.0% in July, primarily due to a decline in consumption and individual income tax revenues [3]. 2. **Property-Related Revenue Decline**: - Property-related government revenue resumed its decline, with land sales revenue falling by 5.4% yoy in August compared to a 6.9% increase in July [2][7]. - The overall government revenue from the property sector contracted by 7.0% yoy in August, reflecting a significant downturn in housing demand and funding challenges for property developers [7][9]. 3. **Augmented Fiscal Deficit (AFD)**: - The AFD widened to -12.3% of GDP on a 3-month moving average (3mma) and -11.7% on a 12-month moving average (12mma) as of August, compared to -11.6% and -11.4% in July [3][8]. - The widening AFD is expected to continue in the coming months, influenced by government bond issuance and targeted easing measures [9]. 4. **Government Spending and Policy Outlook**: - The slowdown in government spending growth and the accumulation of fiscal deposits indicate that policymakers are not rushing to implement stimulus measures despite resilient export performance [9]. - Incremental and targeted easing is deemed necessary due to sluggish domestic demand and ongoing weaknesses in labor and property markets [9]. Additional Important Points - The effective fiscal deficit ratio, after seasonal adjustments, was reported at -4.5% of GDP (3mma) and -5.0% (12mma) as of August, reflecting a slight improvement from July figures [3]. - The report notes a significant increase in stamp tax revenue from stock trading, which surged to +226% yoy in August, although it constituted less than 1% of total fiscal revenue [6]. This summary encapsulates the critical financial metrics and trends affecting the Chinese government's fiscal landscape, providing insights into potential investment opportunities and risks within the broader economic context.

Market Trend - Hong Kong is lowering the threshold for home purchases by people applying for an investor visa [1] - The measure aims to bolster the city's property market [1]

China’s existing home prices declined at an accelerated pace in August, highlighting the urgency behind recent easing measures introduced by major cities to revive the struggling property market https://t.co/nrkUMsMD50 ...

South Korea’s property market cools bolstering the case for the Bank of Korea to consider resuming its rate-cut cycle later this month https://t.co/KKNb7BJuSA ...