Highlights
China‟s real estate sector is coming back; it will be a long, hard slog back to boom, but a recovery appears to have begun.
Our proprietary survey of 30 developers across the country suggests that apartment sales are rising in many cities, helped by price cuts and a shift in sentiment.
Appartment inventories have begun to come down too, though the situation varies across cities.
Developers believe that apartment and land prices, after having fallen a little in recent months, have now bottomed out.
Construction activity seems to be stabilising, though year-on-year growth rates will decline.
Land sales are not picking up, and local governments are hesistant to cut prices. One of the sector‟s fundamental problems – local governments‟ reliance upon land revenues – has not been solved and will continue to plague the sector.
The majority of developers expect central government policy to remain unchanged, but for local governments to continue, quietly, doing their own thing. Local policy easing is now having a clear impact.
Financing conditions for developers have eased; the costs of funding from banks and trust companies are down. There are fewer fire-sales of projects by cash-strapped developers.
渣打银行关于中国房地产行业的最新深度研究报告,希望对大家有帮助