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Property sector puts soft landing at risk
Source: Xinhua |
July 24, 2012, Tuesday
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Print Edition
Print Edition
THE heating up of China's real estate market could jeopardize the country's soft landing, a mid-year report from a leading think tank said yesterday.
Official data released last Wednesday showed that 25 cities, of a statistical pool of 70 major cities, saw new home prices rise in June from the previous month. The figure was up from six cities that had monthly price gains in May.
Though the performance of the overall property market in the first half of 2012 was generally within the government's forecast target, the "warming" in June added to the complexity and difficulties to the second half, according to the housing report released yesterday by the Chinese Academy of Social Sciences.
The report attributed the June rise to the policy expectations and wide panic caused by the fine-tuning of property regulations, rather than the actual policy adjustments.
Gao Peiyong, head of the CASS's National Academy of Economic Strategy and leading author of the report, believed housing prices could gradually drop toward a "soft landing" and the market could develop healthily if proper policies are adopted in the coming months.
"The top priority is to change market expectations," said the report, which called for enhanced regulatory measures to hold back the rebound and prevent financial risks.
China has tightened its curbs on the property sector since 2010 as home prices rocketed beyond the reach of average wage earners. The government has restricted home purchases in several cities while requiring higher down payments and introducing property taxes.
Official data released last Wednesday showed that 25 cities, of a statistical pool of 70 major cities, saw new home prices rise in June from the previous month. The figure was up from six cities that had monthly price gains in May.
Though the performance of the overall property market in the first half of 2012 was generally within the government's forecast target, the "warming" in June added to the complexity and difficulties to the second half, according to the housing report released yesterday by the Chinese Academy of Social Sciences.
The report attributed the June rise to the policy expectations and wide panic caused by the fine-tuning of property regulations, rather than the actual policy adjustments.
Gao Peiyong, head of the CASS's National Academy of Economic Strategy and leading author of the report, believed housing prices could gradually drop toward a "soft landing" and the market could develop healthily if proper policies are adopted in the coming months.
"The top priority is to change market expectations," said the report, which called for enhanced regulatory measures to hold back the rebound and prevent financial risks.
China has tightened its curbs on the property sector since 2010 as home prices rocketed beyond the reach of average wage earners. The government has restricted home purchases in several cities while requiring higher down payments and introducing property taxes.
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