There has been some strength seen in the real estate market of late, particularly the non-residential subsector which has been unaffected by limiting real estate policies. Meanwhile, there has been some easing in the restrictive attitude towards residential property markets and in all, starts (measured by floor area) saw y/y growth surge to 45% in July, although the pace in residential sales slowed to 12.4% in the same month. More recently, more than 15 provinces have been experiencing high summer temperatures and this seasonal factor has acted to limit the pace of building and infrastructure construction. As a consequence, underlying long products demand growth in the last month or so has been more limited than it otherwise would have been.
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