Property investors biding their time

When investment by mainland developers and home sales transactions took a dive in the fourth quarter of last year, it appeared that Beijing's measures to rein in the real estate market were starting to take their intended effect.

However, if we examine the 2012 list of the top 500 Chinese enterprises recently released by Forbes, one may see the efficacy of the government's restrictive policies in a new light considering that the ranking of the country's top real estate, building material and construction companies is basically unchanged compared with previous years.

The government's restrictions may have cut down on turnover and the revenue of developers, but they have not put a dent in investors' high expectations about the development of the market. The curbs that are currently holding back property purchases will not last forever, and this is a fact that investors are well aware of.

The author is Feng Liguo, an economic commentator.

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