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People's Daily Online>>China Business

Housing price regulation won't slacken (2)

By Hu Yuanyuan (China Daily)

09:18, March 15, 2012

For Qin Xiaomei, chief researcher at Jones Lang LaSalle, the clear and determined message from the central government will definitely help to cool down property market sentiment.

"Local governments will continue to strictly implement current real estate policies. And property developers will be pushed to slash prices to stimulate sales," said Qin.

Christina Wang, a 26-year-old company executive, said she would delay her home purchase plan after seeing Wen's comments.

"Because I read in the newspaper that home sales across the country had seen a strong rebound recently, I had planned to buy a one-bedroom apartment this month. But now I would like to wait and see," Wang said.

According to an online survey by SouFun Holdings, around 50 percent of netizens said home prices would only be affordable after falling at least 30 percent.

"From the existing level, a 10 percent to 20 percent drop in home prices could be expected. And I believe the best buying opportunities will emerge from now to the end of this year," said Carlby Xie, head of research at real estate consultancy Colliers International (Beijing).

Though economists said the construction of government-subsidized housing will offset the decline in investment in the private housing market, Chinese shares tumbled after the central government reiterated its determination to rein in housing prices.

The benchmark Shanghai Composite Index plunged, after a small rebound the previous trading day.

The index fell 2.63 percent, or 64.57 points, to end at 2391.23, the lowest close in almost three weeks.

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