Clare Jim and Xie Yu of Reuters report that China’s “historic” steps to stabilize its crisis-hit property sector have fallen short. They write:
Clare Jim and Xie Yu of Reuters report that China’s “historic” steps to stabilize its crisis-hit property sector fell short. They write:
Shares of Chinese developers wobbled on Monday as investors fretted that China’s “historic” steps to stabilise its crisis-hit property sector fell short of what is required to foster a sustainable turnaround in demand and confidence.Hong Kong’s Hang Seng Mainland Properties Index (.HSMPI), closed down 0.7%, after having gained around 18% so far this month after the Politburo said in an April 30 meeting that it would coordinate to clear housing inventory. […]
Reviving homebuyer confidence is still the key to a property recovery, analysts say.Li Gen, chairman of Beijing G Capital Private Fund Management Center LLP, said few entities will be motivated by Friday measures under current market conditions.
“The demand for property is weak with many people concerned about jobs and incomes in future.”
($1 = 7.2302 yuan)
