Moody’s Investors Service says that China’s property market — after posting a record high in 2016 — will show nationally a slower pace of sales growth in 2017 on the back of the government’s tightened controls to curb property price growth.
“We expect nationwide contracted sales in 2017 will be largely flat or will see a slight decline from 2016, after buoyant growth that year,” says Chris Wong, a Moody’s Analyst.
Overall, national contracted sales (on a sales value basis) grew by 36.2% year-on-year to a record high of RMB9.9 trillion in 2016, driven by growth in both sales volumes and average selling prices.
“However, the growth pace in December 2016 slowed from that seen in the first three quarters of 2016 after the government implemented tightening measures to cool the sector from late September,” adds Wong.
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