The property market, a pillar of the world’s second-largest economy, was weakened by a government clampdown on excessive borrowing from developers last year.
The outlook for the property market is expected to remain bleak in the first half of the year and for the whole of 2022. “The turning point of home prices is likely to be in the third quarter, and home prices in tier-one and two cities may be the first to rebound.”For demand, property sales are seen slumping 25% in the first half, widening from a 14% fall in February’s poll. Sales are expected to decline 10% for the full year.
The gloomy outlook for property prices, sales and investment was mainly due to frequent Covid-19 outbreaks.
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