日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Industries

Art of reforming realty for greater economic good

By Hu Yuanyuan | China Daily | Updated: 2019-08-12 07:47
Share
Share - WeChat
[Photo/China Daily by Xiao Bo]

There was a time when China's real estate insiders used to feel their sector was treated like a chamber pot-used opportunistically during economically unpleasant times, only to be cast aside irreverently, even disdainfully, later.

Every time the economy took a downturn, real estate was expected to perform the rescue act. Once sorted, the economy quickly moved on, and the sector's contributions were forgotten, perhaps taken for granted.

Well, that's history, and ain't the industry insiders glad for that.

The world's second-largest economy won't use real estate as "a short-term means of stimulating the economy" anymore.

China's top leadership is determined to curb speculative investments in the property sector. Home is for living, not for investing with a view to make a profit through reselling-that's been the norm for a while now.

Even though the economy appears to face a few downturn risks, the norm will stay, and property won't be required to play savior. That's the essence of a statement released after a meeting of the Political Bureau of the Communist Party of China Central Committee on July 30.

The declaration is a first of its kind. The past decades haven't seen one such move. It is consistent with the central government's commitment to establishing a long-term mechanism to maintain the sound development of the real estate sector.

It is also in line with China's supply-side structural reform spearheaded by President Xi Jinping. That means, unlike in the past, property developers should not bet on stopgap measures.

Centaline Property data show that 251 policy moves were made in the first half of this year to further streamline China's real estate. That marks a 31-percent year-on-year rise.

In July alone, some 40 policy moves were made across the country. Measures included tightening of financing for property developers, and tighter restrictions on home sales in some cities.

The central government is determined to see the real estate sector, which tended to overheat again in recent months, cool down-never mind the downward pressure on the economic growth. Real estate is not a chamber pot.

Managing market expectations, and stabilizing prices of land parcels and homes are the central goals of these policy moves.

According to the National Bureau of Statistics, real estate investment accounted for nearly 21 percent of the overall fixed asset investment in the first half of this year, up 1.9 percentage points year-on-year. Property developers are more eager to increase their land parcels, even though there are obvious premiums on prices.

Moves for establishing long-term mechanisms to stabilize property are gathering pace. An increasing number of government-subsidized properties entered the market in the last two years. These helped counter demand-supply imbalances, and slowed the growth of home prices in most cities, especially metros.

With measures from both demand and supply sides gradually in place, home prices in 70 major Chinese cities continued to stabilize with slower month-on-month price increases in June, NBS data showed.

In June, new home prices in four first-tier cities-Beijing, Shanghai, Shenzhen and Guangzhou-rose 0.2 percent month-on-month. The rise itself was down 0.1 percentage point from May. Prices of pre-owned homes in the four metros were flat month-on-month, compared with a 0.1-percent increase in May; prices in second-tier cities rose 0.3 percent, with the rise being 0.2 percentage point lower than that in May.

The July 30 statement also seems to be an attempt to remain prepared for any possible easing in China's monetary policy in the near future.

The monetary policy usually has a direct impact on short-term home prices, though industry fundamentals like the demand-supply equation and the demographic structure determine them in the long run.

The US Federal Reserve recently cut the interest rates by a quarter-percentage point to buoy the US economy amid a global slowdown and the continuing US-China trade dispute, the first time since 2008 when the subprime mortgage crisis threatened to torpedo the US economy. China's central bank may not necessarily cut rates, as the Chinese economy is in a different situation compared to some developed economies, where low inflation and precarious growth are key concerns. But, there will likely be leeway in China's monetary policy in the following months.

On Aug 2, the PBOC said that China will keep its prudent monetary policy "neither too tight nor too loose" and make adjustments in a timely and moderate manner in the second half of the year.

That means, even though there will likely be some loosening in the future, the government still wants to keep the increased liquidity out of the real estate sector.

The reason is simple: given the existing home prices and the leverage ratio, the risks in loosening real estate policies far outweigh short-term benefits.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 一级片免费观看 | 欧美一级毛片在线 | 中文字幕在线一区 | 久久久亚洲欧洲日产国码606 | 精品国产AV色一区二区深夜久久 | 一本色道久久88加勒比—综合 | 久久网欧美| 日韩 欧美 综合 | 亚洲视频在线视频 | 久久免费99精品久久久久久 | 亚洲成a人v大片在线观看 | 亚洲电影在线观看 | 91在线免费视频 | 日本一区二区三区免费高清在线 | 日韩亚洲欧美一区 | 极品逼| 九色九色九色在线综合888 | 欧美笫一页 | 国产欧美一区二区视频 | 亚洲成a人片在线观看www流畅 | 视频一区 精品自拍 | 欧美日韩中字 | 伦理午夜电影免费观看 | 女人午夜色又刺激黄的视频免费 | 大开眼界电影完整在线看 | 九九热视频免费 | 久久亚洲成人网 | 在线看片h站 | 亚洲一区二区三区四区 | 国产精品免费一级在线观看 | 午夜在线电影 | 91精品国产综合久久福利软件 | 日韩在线视频免费观看 | 国产精品日本一区二区不卡视频 | 国产精品一区二区久久久久 | 99久久自偷自偷国产精品不卡 | 天天爽夜夜爽夜夜爽精品视频 | 成av在线| 国产精品久久久久无码av | 91精品国产日韩91久久久久久 | 国精久久 |