AkzoNobel targets repainting jobs after new property dries up

Strong prospects for repainting jobs will likely offset sluggish paint and coating sales in the new property sector, thus helping AkzoNobel to maintain its overall sales growth in China, its top executive said.

Thierry Vanlancker, CEO of the Amsterdam, Netherlands-based paints and coatings company, said sales of new homes in China have slowed, but the cooling of China's real estate market will have limited negative impact on the company's business.

Although the property market in a number of cities displayed signs of cooling in early October, "we are still confident of the Chinese market in the medium and long term, as China has been a country with massive potential for the repainting sector with plenty of space to explore", he said.