The People’s Bank of China set the mid-price of the yuan against the US dollar at 6.7008 on Monday, falling below the 6.70 line it had guarded in the last few months and fanning speculation it would allow deeper depreciation with the yuan’s inclusion in the IMF’s Special Drawing Rights.The last three times the property market turned down, in 2008, 2011, and 2014, it was followed by yuan depreciation pressure. In 2008 it was ended by re-pegging CNY to USD. In 2011, it was ended by money printing and revival of housing. In 2014, it never revived. A secular bear market in the yuan began and it has yet to complete. If a drop in real estate prices leads to another drop in the yuan, a break below the 2008 re-pegged value in the yuan is highly likely.
Back in 2011, prices began falling 7-months after housing restrictions were implemented. Volume fell immediately, but prices continued rising, albeit at slower pace, until year-on-year declines began in September 2011. In February 2013, rules were tightened again and sales immediately plummeted. Prices started falling in September 2013 and didn't bottom until 2015.
iFeng: 调控后楼市成交速冻 数据显示7个月后房价会跌