Updated Chinese Real Estate article on yahoo - front page - part 1 of 2
***This will post as a whole or part 1 or 2 depending on yahoo here - plus when this message board was loading i saw this title but now it is gone so i'm posting this -
" New housing starts in the first quarter fell 25.2 percent compared to a year ago, Nomura calculated, as tighter credit conditions, oversupply and falling prices undermined the market.
They estimated the property slump could take a full percentage point off China's economic growth this year, knocking it below 7 percent for the first time since 1990. The government is targeting growth of about 7.5 percent.
The downturn really gained traction in late 2013 after more than four years of government efforts to tame record home prices and avoid an asset price bubble. Authorities also wanted to channel money towards consumption and productive investments.
"When sales slow and there are still inventories, the development momentum can moderate slightly; there's no rush,' said Adrian Chan, assistant to the chairman at Guangzhou R&F properties .
Chan said the developer has no plans to revise its project pipeline and full-year sales target, but others are feeling the pressure from credit curbs and chronic oversupply in some cities.
On Thursday, Guang Real Estate Group Co, based in the southern city of Shenzhen, said it had failed to deliver some properties to homebuyers on time due to financial pressures."
*** Next post Part 2 is short