World Business News

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S&P forecasts Chinese property prices will fall as market cools

Zone(s): China ¦ Sector(s): Property, Economy
[10 June 2014, CITY A.M.] Chinese property prices are forecast to fall five per cent this year as the property market cools, according to a new report by Standard & Poor’s.

The predicted decline marks a significant correction from the 11.5 per cent increase in prices in 2013, with prices in some top tier cities rising over 20 per cent last year.

National sales so far this year were described by S&P’s analysts as “dismal”. Year-on-year residential property sales declined 10 per cent in the first three months of 2014, compared to growth of 26.6 per cent in 2013.

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