China's flagging real estate market could soon recover, after shaking out the least competitive firms, the owner of prominent real estate firm Shimao Property Holdings Ltd (0813.HK: Quote, Profile, Research) said on Monday.
Government austerity measures aimed at cooling the sector have caused prices in some cities to falter, especially those that previously saw heavy speculation.
The market should return to normal soon, buoyed by market demand and policy adjustments, said Xu Rongmao, China's third-richest person. He did not elaborate on the policies.
