HONG KONG (REUTERS) - China's top developers are prising open their war chests to snap up land this year as local governments sell more prime real estate to boost revenues and smaller, distressed property firms look to offload assets as the coronavirus takes a toll.. Read more at straitstimes.com.
HONG KONG - China's top developers are prising open their war chests to snap up land this year as local governments sell more prime real estate to boost revenues and smaller, distressed property firms look to offload assets as the coronavirus takes a toll.
But restrictions have been eased in many parts of the country in recent weeks, and the latest data from researcher CRIC shows sales of the top 100 developers in March surged 136 per cent from February, narrowing the first-quarter decline to 21 per cent compared with a year earlier. In a note of caution, analysts said that given the land market lags the home market, developers would need to slow their investment if home sales decline at a faster pace."Despite the strong rebound in March sales, Q1 was still a big drop so I think the full-year sales will be weak, and that may lead to a drop in home prices. I'm more prudent on the property industry."
Despite concerns over the shock from the coronavirus to consumers, some of the larger developers said it would only have a short-term effect and would not derail long-term housing demand.
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