China August Data: Industrial Output Up 5.2%, Retail Sales Up 0.4%, Property Investment Down 19.9%

The divergence is the story: industrial output and high-tech manufacturing are carrying growth while retail sales barely move, so the strength is concentrated in production rather than household demand. Property remains the drag, with investment falling sharply and new home sales contracting. The tentative first-tier price uptick and narrowing declines in lower-tier cities suggest the housing correction may be easing at the margin, though that is a fragile signal. Whether the industrial side can hold up without a consumer recovery is the open question.