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Pan Gongsheng: CN Home Mkt Risk Lv., Weakened Immensely, Is Seeking New Balance
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The Governor of the People's Bank of China (PBOC), Pan Gongsheng, said in his speech at the Asian Financial Forum (AFF) that the real estate market in China has navigated through a long cycle of prosperity in the past 30 years; having experienced a major transformation, it is now looking for a new equilibrium point. Comprehensive measures have been taken from both the supply and demand sides, and real estate financial policies and related tax policies have been optimized and adjusted, Pan revealed. In addition, the self-repair of business entities through adjusting business strategies and debt restructuring has immensely weakened the risk level of the real estate market, improving the overall market transaction level. Since October 2024, the saleable area of commercial properties in 30 large and medium-sized cities in China has spiked MoM for three consecutive months and YoY for two consecutive months, the Governor pointed out. Recently, the Chinese central government has further clarified that local government special bonds can be used to reclaim existing idle land, add new land for reserves and acquire stock of commercial properties, which will accelerate the de-stocking of the real estate market and stabilize the market. AAStocks Financial News |
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