HONG KONG : China's deeply troubled property sector is set to see home sales fall for the second straight year in 2023, but the pace of declines will ease thanks to state support measures and the lifting of the government's strict anti-COVID policies.Property sales are expected to slip by a median of 8 pe
HONG KONG : China's deeply troubled property sector is set to see home sales fall for the second straight year in 2023, but the pace of declines will ease thanks to state support measures and the lifting of the government's strict anti-COVID policies.
Hopes of a pickup in the economy later this year have been fuelled by China's dismantling in December of its stringent zero-COVID policy, which likely dragged GDP growth down to just 3 per cent last year, one of its worst years in almost half a century. "Although property sales and starts will likely be slightly weaker than in 2022, property will be much less of a drag on the economy than in 2022."New-home sales rose more than 20 per cent over the three-day New Year holiday from a year-ago due to promotions, support policies and the gradual release of pent-up demand after high COVID-19 cases, the China Index Academy said this week.
"In terms of what the market needs to see, I think that really goes back to the point on the demand side." The latest China Beige Book private economic survey was more blunt:"But forget a return to days of old: it will take considerable policy support in 2023 just to pull property out of the gutter."Despite hopes of a modest improvement in home demand this year, the sector's recovery is expected to be a long and bumpy one, still weighed down by excesses of the past.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Commentary: China's COVID-19 chaos is spilling over to Hong KongWhile the Hong Kong government and key economic sectors will welcome Chinese tourists and capital, the general public is already feeling the chaos of China’s border reopening, says Jacky Leung.
Read more »
Hong Kong residents rush to get vaccinated ahead of China border reopeningCity government centres providing shots produced by BioNTech have in recent days been fully booked. Read more at straitstimes.com.
Read more »
Hong Kong residents rush to get vaccinated ahead of China border reopeningHONG KONG: Hong Kong residents have swamped clinics to get vaccinated against COVID-19 ahead of the expected reopening of the city's border with mainland China, which some people fear
Read more »
China to open border with Hong Kong on Jan 8The border between Hong Kong and mainland China has been effectively shut since early 2020. Read more at straitstimes.com.
Read more »
China to reopen border with Hong Kong on Jan 8BEIJING: China will begin normalising travel between the mainland and Hong Kong from Sunday (Jan 8), Beijing announced Thursday, easing painful pandemic restrictions that have kept the border mostly sealed for almost three years. All but three of Hong Kong's 12 crossings with the mainland have been cl
Read more »
China to reopen border with Hong Kong on Jan 8BEIJING: China will begin normalising travel between the mainland and Hong Kong from Sunday (Jan 8), Beijing announced Thursday, easing painful pandemic restrictions that have kept the border mostly sealed for almost three years. All but three of Hong Kong's 12 crossings with the mainland have been cl
Read more »