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China’s Property ‘Golden Age’ Is Over Says Vanke Chief: SCMP

China Vanke Chairman Yu Liang revealed a 50% year on year slide in contracted property sales in January to $5.6 billion


Property developer China Vanke is expecting a modest recovery in the real estate market, with its chairman saying the bottom has been reached after months of tumult.
China Vanke's chairman said the recovery had been helped by easing measures from the central and local governments, and partly boosted by pent-up demand following months of coronavirus pandemic-related restrictions. File photo: AFP.

 

The chairman of China Vanke, the country’s third-biggest home seller by sales, has urged staff to gear up for a bruising year. “We are on our last legs, which means there are no other options,” Yu Liang admitted at the company’s annual staff meeting last month.

Yu said the so-called golden age of the past two decades, when home prices only went up and developers made billions of yuan from selling homes, had come to an end, referring to the slowdown in China’s $1.7 trillion housing market that has affected many industry players. 

Full story: South China Morning Post

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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