so what is the china explosion one wants right now well i think we all understand that china currently is facing a few challenges you know name it property the covid restrictions they have we have a weakening of global economy that would affect this export growth so all this is going to sort of pooh the market or suppress the market despite the valuation is already very attractive theres this kind of this decoupling of onshore and offshore we heard from gas have said you know were starting to see hedges be unwound in the asian market versus offshore where theres still a net selling do you think that continues yes because the investor base is very different right i mean offshore we have mainly international investor institutions account for 50 percent they would look at fundamental but they also understand the sentiment if you sort of look at asia onshore market i do while 10 percent less than 10 percent or international investor and a lot more retail investor so that how these and also the basket is different offshore you have many of the new economy onshore you have banks domestic related to local consumption you know that sort of difference that make them perform differently and of course sentiment is a big thing right also people do not feel how the outside i see china offshore yeah practice yeah well were talking right now well where do you want to be if i had it i mean its not like theyre mutually exclusive right where would one most want to be in the event of a recovery of course next year assuming we do get a strong recovery in 2023 and when do you get when you start positioning for that ok first assuming by 2023 gradually some of these covid19 restrictions sort of being taken away also china economy going to have a better growth in 2023 the rate tights you know already all happened in our so so sort of we are all more stabilized at depth to a new world so that will break international rest up back to china thinking about ok yes i think some of the risk i can understand i can do a bit of guesstimate how sort of valuation it is you know that will bring a brighter or better prospect for the off shore and plus of course of course correctable compared to onshore so on a base cases you will find that offshore should have slightly more upside or actually more upside compared to onshore when well i think after party congress or do you make it that in fact this is actually a contrarian call i think people have too much hope on the upcoming party congress you know it happened in the past but not this time investors have been disappointed a few times this year i mean the number of times couple of shows come and say yeah were going to support the economy but you know it didnt happen the way that we want to envisage so probably you need to wait till march 2nd quarter next year to see like all the factors you know being here to be supportive but of course maybe the market could move ahead but definitely not probably not in october this year when we have the party congress do you think by march well see a bit more light at the end of tunnel for property in fact you should expect even after all tobar the government will put in local governments would resume a lot of constructions of the project they would do more things to support people thinking about buying a property for their own use but for it to translate into new start improving land sales improvement and eventually investment in property that takes time right i mean developers are still working on how i need to get rid of my inventory too early to think about i want to buy a piece of land right right and youve covered it for a long time yeah so what would be the next thing you need to see we dont have to wait all the way because by the time the news flow completes itself then youre late to the rally yes ok right now lets look at the data we have new stock down 46 percent where property sales then still down 25 26 percent year on year so you need to have hopefully we see fourth quarter property sales be down to a kind of mid teens 20 percent new start gradually improving and then moving into first quarter i think the numbers at least easy fact wise she looks better i think that thats sort of important even the property sector is very small on overall basket but theres still important what a sentiment