Whether China's real estate industry is at a turning point depends upon three factors - migration of farmers, urbanization and lack of investment channels, says a signed article in the China Business Report. The following is an excerpt.
This winter, neither property developers nor property purchasers have had a good time. Vanke, the largest housing developer in China, was the first developer to lower the price of houses recently. Wang Shi, chairman of Vanke, also claimed that China's real estate industry was at a turning point. Many other developers agreed with Wang and house prices in first-tier cities like Guangzhou and Shenzhen started to drop.
Does this mean China's real estate market has reached a turning point?
