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Fitch report warns against relaxing home sector rules
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THE easing of restrictions on properties and monetary policies in the second quarter could actually be detrimental to the long-term restructuring of China’s residential sector, the latest Fitch Ratings report said.
The global rating agency said the recent moves to lift the restrictions on home purchases in a growing number of cities is unlikely to boost sales because of the prevailing negative sentiment. Any further relaxation without the introduction of speculation-cooling measures posed risks of re-igniting housing speculation as seen in 2009, the report said.
The new policies may also extend the life of uncompetitive developers — a setback in the restructuring of the sector.
In the first half of this year, some uncompetitive developers quit the industry, allowing players with stronger operations and finances to fill in. The Fitch report said it was a trend that was good for the development of the sector.
Since April, home purchase restrictions, an austerity measure first introduced in Beijing in 2010 and expanded later in 2011 to more than 40 cities around the country to rein in housing speculation, have been lifted in over 30 cities so far.
Local governments agreed to the new measures as they struggled to revive the sluggish housing sales, which may hinder economic growth.
The value of new homes sold across the country in the first half of this year dropped 9.2 percent from the same period a year ago to 2.56 trillion yuan (US$415 billion), the National Bureau of Statistics said.
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