BEIJING (Nikkei)--China's real estate market may begin a full-scale correction within three months, Minister of Land and Resources Xu Shaoshi said Sunday.
According to the China News Service, the minister cited the recent plunge in the country's real estate sales volume as evidence.
Wary of a possible real estate bubble, Beijing has hammered out a series of policies to discourage speculative real estate purchases, including the introduction in April of new mortgage rules.
In May, the total land area sold declined 15.8% from the previous month.
Real estate prices remain high for now, but "prices will probably fall to some extent," Xu said, adding, "At present, I cannot make any prediction" as to how much they might decline.
Monday, July 5, 2010
China Real Estate Market Due For Correction: Minister
BEIJING (Nikkei)--China's real estate market may begin a full-scale correction within three months, Minister of Land and Resources Xu Shaoshi said Sunday.
According to the China News Service, the minister cited the recent plunge in the country's real estate sales volume as evidence.
Wary of a possible real estate bubble, Beijing has hammered out a series of policies to discourage speculative real estate purchases, including the introduction in April of new mortgage rules.
In May, the total land area sold declined 15.8% from the previous month.
Real estate prices remain high for now, but "prices will probably fall to some extent," Xu said, adding, "At present, I cannot make any prediction" as to how much they might decline.
According to the China News Service, the minister cited the recent plunge in the country's real estate sales volume as evidence.
Wary of a possible real estate bubble, Beijing has hammered out a series of policies to discourage speculative real estate purchases, including the introduction in April of new mortgage rules.
In May, the total land area sold declined 15.8% from the previous month.
Real estate prices remain high for now, but "prices will probably fall to some extent," Xu said, adding, "At present, I cannot make any prediction" as to how much they might decline.
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