China will roll out supportive measures for the property market in order to correct past “mistaken” policies aimed at curbing the sector’s growth, according to the head of a top economic think tank in the country.
“It seems like the government is going to put forward more concrete measures,” said Yao Yang, the dean of the National School of Development at Peking University, in an interview. “The government has to at least stop the decline of the housing market. There are encouraging signs of it.”
Top officials including President Xi Jinping pledged in a policy meeting last week to support housing demand in 2023. “That is a code word for promoting the housing sector again,” Yao said.
CNY $1 trillion was allocated to support the property market in August. In November ICBC made the equivalent of $179 billion available to builders. This is concrete evidence the Chinese government is turning back to supporting the property sector.Click HERE to subscribe to Fuller Treacy Money Back to top