China expected to ease property restrictions
November 28, 2011 Category Real estate, Weekly
China will likely loosen its restrictions on the property market in the third quarter of next year, as plummeting prices could slow the growth of the economy, and local governments might start to reverse curbs in the second quarter of next year due to their heavy reliance on land sales for fiscal revenue, according to Liu Yuanchun, Deputy Director of the Institute of Economic Research at Renmin University of China in the report “China’s Macroeconomic Analysis & Forecasting”. Property prices, sales and investment will fall in the first quarter of next year because of the government’s tightening measures, the report said. A 20% fall in housing prices will force the government to adjust its policies, as a steeper decline would bring economic growth below 9% next year, it said. According to the report, the policy shift will probably take place in the third quarter of 2012 when the central government will relax credit for the property market and loosen limits on home purchases. In October, Chinese cities reporting a fall in new home prices finally outnumbered those registering growth, the National Bureau of Statistics (NBS) announced.
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