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Moody鈥檚 cuts realty market view to negative
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MOODY’S Investors Service this month revised its outlook for China’s property market to negative from stable as it sees growth in home sales to slow notably, high inventory levels and weakening liquidity over the next 12 months.
“We expect a modest 0-5 percent year-over-year growth over the next 12 months,” Franco Leung, Moody’s assistant vice president and analyst, said in its latest outlook of business conditions for the sector over the coming 12 months.
“This growth rate is materially lower than the 26.6 percent year-on-year rise in nationwide cumulative contracted sales in full year 2013.”
Moody’s cited the weaker sales growth to tighter onshore liquidity, higher mortgage rates, buyers expecting further easing in property prices, high inventory levels and slower economic growth in China.
New home sales across the country fell by a faster rate in the first four months of this year, with the value down 9.9 percent and volume off 8.6 percent, the National Bureau of Statistics said last week.
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