Economy

Expert: Real estate tightening to continue

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2010-11-02 19:43

China's real estate tightening will continue into next year, an industry insider said at a forum on Tuesday.

"Property developers should not expect the tightening to end in the short term. In fact, it will be a normal status as strengthening and improving policy adjustment has been a keynote of China's 12th Five-Year Plan (2010-15)," Nie Meisheng, director of the chamber of real estate developers under the All-China Federation of Industry and Commerce said at a forum held by house.focus.cn, the property channel of Sohu.com.

After the central government rolled out its latest measures to curb property price growth in late September, property transaction in Beijing dropped 30 percent month-on-month in October and the average price dropped to 20,000 yuan per square meter.

"The property transactions will drop further in the following two months, with the price to stabilize," said Nie.