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China's property market stable despite Evergrande distress: NBS

By Zhou Lanxu | | Updated: 2021-09-15 13:28
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Fu Linghui, a spokesman for the National Bureau of Statistics, said on Wednesday that China's property market is expected to maintain steady development, despite the financial distress facing property developer Evergrande. [Photo by Zhou Lanxu/]

Despite the financial distress facing Chinese property development giant Evergrande, the country's property market is expected to maintain steady development, the National Bureau of Statistics said on Wednesday.

"Some large property enterprises have met difficulties in operation. The impact on the whole sector remains to be seen," said an NBS spokesman Fu Linghui, in response to the inquiry about the implications of Evergrande Group's default risks on the property sector.

The property sector as a whole has remained stable this year, as "regulatory adjustments have dampened some unreasonable demand and safeguarded the release of reasonable (housing) demand," Fu said at a news conference on Wednesday.

China's property market is expected to maintain steady development amid continuous improvements in related policies, Fu said.

Investment in real estate development grew by 10.9 percent year-on-year during the January-August period, compared with 12.7 percent in the first seven months of the year, NBS data showed.

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