n prelude [ˈpreljuːd]
1 an event etc that goes before, and acts as an introduction to, something
BEIJING (MNI) - Prices of new homes in China's capital plunged 26.7% month-on-month in March, the Beijing News reported Tuesday, citing data from the city's Housing and Urban-Rural Development Commission.
Average prices of newly-built houses in March fell 10.9% over the same month last year to CNY19,679 per square meter, marking the first year-on-year decline since September 2009.
Home purchases fell 50.9% y/y and 41.5% m/m, the newspaper said, citing an unidentified official from the Housing Commission as saying the falls point to the government's crackdown on speculation in the real estate market.
Beijing property prices rose 0.4% m/m in February, 0.8% in January and 0.2% in December, according to National Bureau of Statistics data.
The central government has launched several rounds of measures since last year designed to cool the housing market, though local government reliance on land sales to plug fiscal holes mean enforcement hasn't been uniform.
The NBS is expected to release March house price data on April 18.And this is the part of the story that begins to tell the actual story...
No one should be surprised by this other than the Chinese government that will NOT like this report being leaked early.
I suppose it can be considered a prelude to a prelude in that sense.
This is going to be real ugly...