Falling producer prices are starting to have an effect on some of the numbers. Going by the raw data, the yoy growth figures are coming in below the gov't reported number. This amounts to a small difference in the cumulative numbers, but does not explain the big gap between the September yoy growth figure of 8.6% and the cumulative figure of 12.5%; investment is slowing sharply as the year goes on.
Original RE investment report is available here: 2014年1-9月份全国房地产开发和销售情况.
The other investment numbers:
Fixed Asset Investment: the Chinese govt reports the 16.1% cumulative growth through September. 2014年1-9月份全国固定资产投资 The raw unadjusted data shows growth was only 15.7% cumulative. As for the yoy single month comparison, growth fell to 11.5% in September, down from the 13.3% growth rate in August. As with RE investment, well below trend.
Private Fixed Asset Investment: the official number is 18.3% cumulative yoy growth. Unadjusted data shows 17.7% growth. In August the single month growth figure was 16.0%; growth collapsed to 11.7% in September. 2014年1-9月份民间固定资产投资
Industrial production did jump in September. Here's ZeroHedge: Do You Believe In Chinese Miracles? Manufacturing is a leading indicator, but investment is a leading indicator of manufacturing. The data points to a accelerating slowdown in Q4 unless the October numbers rebound.
Here's the real estate detail: