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Housing Sales in China Seen To Fall Over 10%
By Cherry Cao |
May 31, 2011, Tuesday
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Print Edition
Print Edition
PRUDENT monetary policy and continued austerity measures to curb speculation may pull down home sales in China by more than 10 percent this year, industry experts said.
The central government will firmly stick to its tightening measures for the remainder of this year and not introduce stimulus packages to boost the housing market where transactions have plunged since late January, Nie Meisheng, head of the China Real Estate Chamber of Commerce, told a forum in Beijing over the weekend.
He expressed optimism that housing prices nationwide will fall by 10 percent on average this year as many real estate developers are facing a tight capital flow. Nie also forecast a 7 percent fall in transactions and a 10 percent drop in sales value because speculators have been squeezed out of the market by a home-purchase ban.
Dong Fan, a professor at Beijing Normal University, also predicted housing prices nationwide to decline between 10 and 15 percent on average in the second half of the year.
The central government will firmly stick to its tightening measures for the remainder of this year and not introduce stimulus packages to boost the housing market where transactions have plunged since late January, Nie Meisheng, head of the China Real Estate Chamber of Commerce, told a forum in Beijing over the weekend.
He expressed optimism that housing prices nationwide will fall by 10 percent on average this year as many real estate developers are facing a tight capital flow. Nie also forecast a 7 percent fall in transactions and a 10 percent drop in sales value because speculators have been squeezed out of the market by a home-purchase ban.
Dong Fan, a professor at Beijing Normal University, also predicted housing prices nationwide to decline between 10 and 15 percent on average in the second half of the year.
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