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Economy kicking bad property habits
http://www.ecns.cn/business/2014/06-30/121501.shtml
Jun 30th 2014, 02:03
2014-06-30 11:03 Global Times Web Editor: Qin Dexing
GDP growth in China is starting to slow as the country's top leaders endeavor to rebalance the economy. The property market was among the first areas hit by central reform efforts, an outcome which has many investors spooked about the possibility of a collapse in real estate assets. Many homeowners - especially those who bought in when continued price growth was considered a near certainty - are understandably stressed as well about what the future might hold.
The catastrophe that many now fear though is highly unlikely. The adjustments we are seeing in the property market will prove beneficial. China's economy has long been dangerously dependent on real estate investment and inflated property prices. It is time to change this situation by diverting funds away from speculative property investments and into the real economy.
The scale of current adjustments should be limited. China's urbanization campaign will increase demand for urban housing over the years to come, provided support for prices and personal wealth tied up in real estate.
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