Developers have been recording positive year-on-year growth in sales since June, after they started building more mass-market housing, which caters largely to first-time buyers.
A number of leading property developers have already achieved annual sales targets ahead of schedule.
"We are confident of reaching our annual sales goal of 27 billion yuan this year, and we can do it ahead of time," said Li Ming, president of Sino-Ocean Land Holdings Ltd, a real estate developer, adding that the company's sales in the second half of the year will exceed the first half.
Moody's believes that the regulatory environment will not change significantly in 2013. The government is unlikely to impose further regulatory restrictions to tighten the property market, because the current restrictions have been effective in discouraging speculation and reining in the price rises as a whole.
"A further cutback in investment in the property sector would also weigh on an already slowing economy and make it difficult for the government to achieve its stated target of GDP growth of 7.5 percent," Leung added.
Moody's also expects that developers will be able to refinance themselves in the next two years, as a variety of funding channels, such as offshore bond financing and asset sales, are now available.
huyuanyuan@chinadaily.com.cn
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