...Despite recent data from China showing higher home prices and accelerating sales volume in Tier-1 and 2 cities, the supply overhang still poses risks of a deeper correction, particularly in the lower-tiered cities. Slower construction activity and weaker exports could combine to cloud the outlook of the labour market, a key pillar for consumption. Consumption has been trending lower. Investment still accounts for over 45% of GDP, while investment productivity continues on a declining trend. Fitch has reflected the urgency of an abrupt disruption in real estate prices in our chart....