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Properties shine against gloomy economy
By Wang Yanlin |
August 31, 2012, Friday
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Online Edition
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CHINESE families showed less confidence in the country's economy but expressed renewed interest in properties, which may lead to higher home prices, a survey by the Bank of Communications revealed today.
The China Wealth Index, a gauge of the sentiment among Chinese households, slipped to 120 in July, down from 131 in May and 128 in March.
A reading above 100 signals positive sentiment.
"China's economic slowdown is faster than expected, and it shows little sign of an imminent recovery," the bank said in a report, authored by its chief economist Lian Ping.
"It dampens people's optimism that showed in our previous survey, and the latest index indicates less confidence among people and their less willingness to invest in the future," the report said.
But people showed renewed interest in buying properties.
A component index measuring people's eagerness to purchase real estate assets grew to 125, up 8 points from two months ago and reached a record high in the survey's history.
"Although the government has reaffirmed its firm stance against housing market speculation and has sent inspection teams to some cities recently, there are no new rein-in policies. People are looking for buys again and that may bolster the prices," the report said.
However, if there is a fast rebound in home prices, the government will definitely step in to suppress it, the report said.
The China Wealth Index, a gauge of the sentiment among Chinese households, slipped to 120 in July, down from 131 in May and 128 in March.
A reading above 100 signals positive sentiment.
"China's economic slowdown is faster than expected, and it shows little sign of an imminent recovery," the bank said in a report, authored by its chief economist Lian Ping.
"It dampens people's optimism that showed in our previous survey, and the latest index indicates less confidence among people and their less willingness to invest in the future," the report said.
But people showed renewed interest in buying properties.
A component index measuring people's eagerness to purchase real estate assets grew to 125, up 8 points from two months ago and reached a record high in the survey's history.
"Although the government has reaffirmed its firm stance against housing market speculation and has sent inspection teams to some cities recently, there are no new rein-in policies. People are looking for buys again and that may bolster the prices," the report said.
However, if there is a fast rebound in home prices, the government will definitely step in to suppress it, the report said.
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