Source : Business Times - 7 Feb 2009
CHINA Overseas Land, the largest local listed mainland property developer, said yesterday that the China property market has bottomed out and expects the overall property environment to improve in 2009.
‘The (China property) market had gone through a deep adjustment particularly in southern China last year and was already at its bottom,’ chairman Kong Qingping told reporters. ‘The environment this year will not be as bad as last year.’
Mr Kong said that Beijing’s measures to support the property market are likely to be effective, but home-buyers are still tentative after the China property slide. Brokerage CLSA and consultants Savills expect average home prices in Beijing and Shanghai to fall 20-25 per cent this year, similar to declines in Shenzhen and Guangzhou in 2008.
Beijing concocted a policy mix that included encouraging banks to resume lending to developers, as well as tax concessions and cheaper mortgages for home buyers, as part of efforts to support the ailing property market amid the global slowdown.
China’s economic growth slowed to 6.8 per cent in the last quarter of 2008, dragging down the annual rate of expansion to a seven-year low of 9 per cent. China targets annual growth of 8 per cent or above in order to absorb waves of new job seekers.
‘I’m confident in the (China) property market, especially if the 8 per cent growth is achieved,’ Mr Kong added, but gave no further comment.
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