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People's Daily Online>>China Business

Government set to 'ease restrictions' on property

By Cao Qian (Shanghai Daily)

08:26, November 21, 2011

China will likely loosen its restrictions on the property market in the third quarter of next year, as plummeting prices could slow the growth of the economy, according to a report.

The report also said local governments might start to reverse curbs in the second quarter of next year due to their heavy reliance on land sales for fiscal revenue.

The latest round of correction in the domestic housing market is in principle a result of administrative policies, rather than a consequence of builders' asset-debt problems, Liu Yuanchun, deputy director of the Institute of Economic Research at Renmin University of China, said in the "China's Macroeconomic Analysis & Forecasting" report.

Property prices, sales and investment will fall in the first quarter of next year because of the government's tightening measures, the report said.

A 20 percent fall in housing prices will force the government to adjust its policies, as a steeper decline would bring economic growth below 9 percent next year, it said.

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