Construction demand in 1H22 will remain weak because of time lags but shouldrecover in 2H22: Property land sales, which lead new property starts by 3-6months, are down 11% YoY for 10M21. We expect recent policy loosening onproperty to take time to be reflected in demand. On the infrastructure side, thepickup in local government special bond issuance since September will increasenew project starts by end-December and continue in 2022, but it may not beenough to offset the property slowdown. We and the market are cautious onconstruction demand for 1H22 and we think building materials equities in cement,glass, and steel have already priced that in. With our expectation for propertydemand improvement in 2H22, building materials equities may be more forwardlooking and recover earlier.