HONG KONG : China's property market, a key pillar of the world's second-largest economy, has weakened sharply in the past year as a result of a government clampdown on excessive borrowings by developers, and a COVID-19-induced economic slowdown.
Analysts said the national housing inventory is at a high level, particularly in tier-three and four cities which face large de-stocking pressure due to slowing demand. Fitch Ratings last month lowered its forecast on the property sales by value, expecting them to fall 25 per cent-30 per cent in 2022, compared to a previous forecast of 10-15 per cent fall.