What to expect in realty market in long run?

China will promote the stable and healthy development of the real estate market in 2017, according to the just concluded Central Economic Work Conference. The conference made it clear that "houses are built to be inhabited, not for speculation."

After last year's Central Economic Work Conference made destocking one of the government's major economic tasks, the real estate destocking campaign led by the central and local governments has had a major impact on China's property market.

On the one hand, destocking in some first- and second-tier cities led to panic buying and skyrocketing housing prices. On the other hand, third- and fourth-tier cities are under tremendous destocking pressure.