China's property market has slowed down under tightening policies, and this has begun to cool off related sectors such as the steel, cement and home furnishing industries, the China Business News reported Monday.
Some officials in South China's Hainan province admit there is bubble in the region's property-driven economic growth, but rule out the possibility of a bubble crash, the chinanews.com.cn reported yesterday.
Measures could help stabilize home prices over a certain period of time, but the prices might show a "revenge" rally later this year as developers withdraw their investment, exacerbating the shortage of new properties.
China needs another 20-30 years of hard work before achieving its goal of making homes affordable for its people, a government official said Wednesday at a real estate forum held in Shijiazhuang, capital of Hebei province.
The introduction of various market- cooling measures by the central government over the past few weeks seems to have stunned speculators, causing many potential homebuyers to hold off on taking the plunge of buying a house.
Ever since the central government announced tough property measures, markets in China's first-tier cities have slowed. Developers who made good money last year started to feel the pinch, time-weekly.com reported.
Housing prices are unlikely to drop this year despite tightening measures to cool the property market, a top think tank and senior economists said on Wednesday. Beijing unveils tough measures
With new home prices rising by almost 20 percent a month, Haikou would seem to be the dictionary definition of a property market bubble.
It looks it will take a while before government policies to cool down the real estate market have their desired effect on property speculators.
Home prices may drop by as much as 30 percent by the end of this year in Beijing, following the introduction of tough new rules that among other things ban families from buying more than one additional home.
Some property developers in Nanjing are offering discounts. But my friends feel like me that government efforts to cool the property sector may affect prices, so it's better to be conservative for now.
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