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Laws put in place years ago during property boom to stop Price Gauging, and then left in place even during downturns. Now relaxing in some cities. Previously, used homes had been losing value while new homes basically kept good value, but now the prices for used homes are so low people are buying them for the value. This includes the megacities like Beijing and Shenzhen.
Some homes in Beijing now asking a price 30% lower than government guided prices. Adjacent sellers will be pressured to lower their prices. Prices will try to find a bottom.
16m unsold homes in China (plus 48m uncompleted homes). At current rate of sales, that could be 5 years of supply.
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NVDA is up 40% in a couple weeks (in 8 trading days) from its recent low, and is now basically back where it was. Relatedly, some investors who had wanted to own Nvidia but it looked so expensive to them at all-time highs, had the chance to buy and did.
Institutions were the big buyers of the dip, reportedly.