Signs of hope for China property market, but boom is over: analysts

The real estate industry grew at lightning speed after restrictions were eased in 1998 across China, a country where buying a home is a common prerequisite for marriage, as well as an investment.

Once China's largest real estate company, Evergrande this month said it had entered into a restructuring agreement with a group of international creditors, in what could be a breakthrough deal towards easing the developer's massive debt. The sector has also been hit by some homeowners refusing to pay their monthly mortgage payments after getting fed up with developers downing tools over a lack of cash.

"This is a strong signal that the sector's long-awaited recovery is finally taking root," Shehzad Qazi, managing director of China Beige Book, a consultancy firm which tracks the Chinese economy, told AFP.

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