CICC: China's property boom won't last
Updated: 2013-03-26 10:11
(Xinhua)
|
|||||||||||
SHANGHAI -- China's real estate investment will lull later this year after surging in the first two months, the China International Capital Corporation (CICC) said Monday.
CICC said growth in housing sales will decrease due to tightened monetary policies and a harsh policy package aimed at curbing property prices.
China's housing market started heating in the last quarter of 2012 after a long slump.
In January and February, the total sales area for commercial housing jumped 49.5 percent year on year, 47.7 percentage points higher than last year's growth, data from the National Statistics Bureau showed. Real estate investment increased 22.8 percent year on year.
However, the CICC said new monetary policies will not fuel the sales boom. Credit growth is set to fall, as the government has lowered its monetary supply growth target.
"Regulators will also tighten shadow banking, restricting the financing conditions for real estate," CICC said.
The central government issued a strict policy package last month to contain housing prices, with a 20-percent tax on capital gains from property sales.
The CICC predicted that sales will be dampened in the second and third quarters of 2013.
"Real estate investment will not grow notably faster than last year," the CICC said.
Related Stories
Vanishing autumn property boom signals price decline 2011-09-16 15:40
Major property developers see profits fall 2013-03-25 15:55
Overseas investors eye Chinese property 2013-03-25 09:05
City property prices in monthly surge 2013-03-19 07:40
Commercial property sales spike in capital 2013-03-16 08:03
China's property investment up 22.8% in Jan-Feb 2013-03-09 14:00
Today's Top News
Police continue manhunt for 2nd bombing suspect
H7N9 flu transmission studied
8% growth predicted for Q2
Nuke reactor gets foreign contract
First couple on Time's list of most influential
'Green' awareness levels drop in Beijing
Palace Museum spruces up
Trading channels 'need to broaden'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |
Firms crave cyber connection |