HONG KONG, Aug. 8 /Xinhua-PRNewswire/ -- The latest figures on residential prices across China will be released in the coming week. This monthly report will reflect price trends across 70 cities, which should provide evidence that prices fell in July for the first time in over 18 months at a national level. The Chinese economy is showing signs of slowing amid tightening credit conditions and weaker global demand. Growth in the year to Q2 slowed to 10.1% from 10.6% in Q1 and 11.9% from 2007 as a whole. The commercial property market is also showing cooling signs according to the Q2 RICS Global Commercial Property Survey.
More bad news likely on UK commercial property
An update of the current state of play in the UK commercial property market will be forthcoming with the publication of the July data on Thursday 14th. The June data showed the current level of rents standing just 2% higher than twelve months earlier, down from pretty much double this in the latter part of last year. In the near term, there appears to be little relief in sight for the commercial market.
Renewed downturn in German construction on the cards
German building permit data for May is due to be released next week. Total building permits (residential and commercial) peaked at 25,700 in March 2006, but they have since fallen by 30% to their current level of around 17,700. The twin factors contributing to the downturn are rising input costs and falling output costs.
Canadian housing holding up despite slowing price growth
Next week brings a significant update on the state of the Canadian housing market. New home prices and housing starts data are both released on Monday 11. With price growth slowing, one might expect housing starts to also come in weak as builders pare back their expansion plans. Although the economy actually contracted last quarter, domestic demand remained strong.
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