Ethel Jiang, provided by Published 5:22 pm PST, Wednesday, December 5, 2018 China Photos/Getty Images China started a shanty town renovation program in 2015 in an effort to drive home sales in lower-tier cities, helping lift the country’s property values over the past few years. To calm the red-hot housing market, the central government applied a series of measures to punish speculators, such as setting higher down-payment ratios and mortgage restrictions. The Chinese government has continued to tighten property controls amid a slowdown in the economy, and 2019 could be a year of softening housing data, an analyst said. The year of 2019 could begin a broader slowdown in China’s housing market, analysts say. China’s property market, a major pillar of the economy, “has passed the tipping point,” said Ric Deverell, an analyst at Macquarie Securities. “In coming quarters, we could see the self-strengthening circle between lower sales and falling prices.” The country’s property market directly contributes over 10% of annual GDP and has added 0.8%-pts to the country’s annual growth during the past decade, according to Julian Evans-Pritchard, a senior China economist at Capital Economics. But the Pritchard expects its contribution to be less than half as large over the… Read full this story
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