let's bring in beijing bureau chief nick wadhams. there is nothing to see here, i look at pmi and it says there is something wrong. what is the story in china? nick: the question it raises is the contradiction between new numbers, it is a sense that financial firms really benefited very strongly from the spike in the stock market that we saw until june. then with that plunge, this would seem to suggest that gdp number really relied on the strength of financial firms. that was masking underlying problems. some broader problems with economy. djokovic, do you think this reading will force the government -- nick do think this reading will force the government to do more? nick: the question here is the measure it has taken in the past and what it can do in the future? this measure primarily looks at small enterprises that are exposed to export. it would seem to show pass measures really benefited from state owned companies. interest rate cuts would really benefited the big companies. now the government will need to look at what it needs to

bloomberg's nick wadhams in beijing.he rebound in china's property market and argue why now is a time to invest. our next guest russell. he manages $5 billion in real estate around the world and over 10% in china. thank you for coming in. we heard from our bureau chief that perhaps we have seen the bottom of the chinese market would you agree? guest: what we saw in 2012 was access. we saw a raft of measures intended to cool off rising prices especially in tier one cities and have multiple effects area demand fell and inventories of begin to fall if you look nationwide now inventories have fallen from 18 months to 12 months. in tier one cities, beijing and shanghai, they fall to eight months. supply and demand are in much better balance. in consequence, house prices rise by about 4.5%, 5% nationwide and larger -- and more in the larger cities. it is not robust but showing balance. manus: is pricing getting more sensible? the fall levels are incredibly important. systemic issues. supplies beginning to rebound again as you

we will go to nick wadhams in beijing. the hang seng index into what is going on in shanghai and beijing. are they separate and discrete or is it all one collapse >> it is a little bit of both. the whole china market collapse has been a share driven and that is still very much a closed market with some exceptions. the hang seng index has been much more muted on the way up and just faltered a bit on the way down in comparison. there are a number of dynamics we can explore with that but so far it is discrete and separate. brendan boy -- brendan: the chinese government has been intervening but are they having a crisis of legitimacy? >> if you look at some of these moves it does seem to be mostly a sentiment. we had a move today with a government told companies not to sell off shares of their listed units. that is the kind of situation you cannot imagine a saint -- state owned company selling shares of its listed units anyhow and the government has promised to give the market a more decisive role. at the same time other govern