Week 04 had an inauspicious start as fresh data from China, ahead of release of GDP numbers for Q4, showed that China's new home prices fell significantly in December for a fourth straight month even as yearend sales volumes surged

China's real estate market has been plagued by falling prices and high inventories in recent months, crimping demand in 40 economic sectors ranging from steel to cement to furniture.

The National Bureau of Statistics data showed December's new home prices fell an average 4.3% YoY in 68 of the 70 major cities it monitors although property sales volumes in December in 70 major cities hit the highest level seen in 2014, up nearly 9% from November.

Falling property prices are likely to keep pressure on policymakers to head off a sharper slowdown this year. With real estate investment accounting for about 15% of China's GDP growth, a 9% decline in new floor space under construction in the first 11 months of 2014 could take a heavy toll.

The health of Chinese real state sector is watched closely by steel players globally as it accounts for more than 50% of Chinese steel demand ie about 25% of global steel demand