Cooling #China #property #market could shave off more than 2% growth in the country in #2012
Chinese house prices have fallen for three consecutive months as of December, and property developers are bracing for a brutal 2012. A Reuters poll found economists expected property prices to fall 10 to 20% this year.
In Beijing, which enjoyed one of the country’s biggest price gains in 2010 is now feeling the pinch of the government’s tightening measures. Property developers were still hoping that policymakers will loosen their grip.
‘While the central government does not generally sympathize with developers, rapidly decelerating real estate investment growth is a major concern,’ analysts at Macquarie wrote in a recent note to clients.
Real estate investment accounted for 13% of China’s GDP in 2011, according to government data, bigger than the 10% estimate that some economists had assumed. China’s investment in real estate development rose 28% to £635 billion in 2011, a full £130 billion more than the United States.
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