China property market slumps on developers' debt crisis, weak buyer sentiment

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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.So far this year, more than 100 cities have taken steps to bo

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.

 

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