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Property market crash schedule unreliable

Updated: 2010-04-02 14:33
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Pan Shiyi, president of SOHO China, said in a net chat on April 1 that the widespread Chinese property market crash schedule is unreliable, adding that a market crash is as unpredictable as an earthquake, Beijing News reported Friday.

"However, the schedule deserves our attention. When policy has become a signal that guides the Chinese property market, it is vital for the government to be prudent in formulating such policies." Pan added.

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A Chinese property market crash schedule has been widely circulated on the Internet, which compares the trend of the Chinese property market to that of Japan 20 years ago and predicts a crash in 2011. A survey on News.ifeng.com shows that 70 percent of netizens approve of the prediction.

The Chinese property giants also said a rational property market was mainly depended on the government's proper policies, while the move of suspending land auctions to prevent more "land kings" may intensify market panic.