China announced that controls on the property sector will continue in 2013. In order to prevent over-investment from property buyers, China’s Ministry of Housing and Urban-Rural Development said recently that controls on the property sector will continue in 2013.  This announcement was made amidst reports of the housing market’s steady recovery over the last few months.

The world’s second largest economy has put in place tightening measures since 2010 to curb its red-hot property sector and to ease increasing public discontent over its skyrocketing home prices. These measures include higher down payment and additional property taxes.

According to the latest annual Chinese wealth report from the Boston Consulting Group and China Construction Bank Corp., some 28% of Chinese investors faced huge losses in the real estate market in 2012. About 3% of these investors saw losses of more than 30%.

Ding Yi, a developer specialising in luxury mansions in Wenzhou in the eastern province of Zhejiang, said: ‘Those property investors who purchased houses after 2009 have to [incur] losses of more than 30% if they want to sell their properties now.’

However, most experienced property investors were not as severely affected as those with less experience, who certainly have ‘learned a lesson’, said Ding. He added that the market has cooled dramatically after the measures were put in place, suggesting that most investors nowadays are staying out of the property market.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thailand and China to Expand Free Trade Agreement (FTA)

China was the largest trading partner of Thailand in 2022, with a bilateral trade value reaching 3.69 trillion baht, which accounted for about 18% of Thailand’s total foreign trade volume.

BOI to Promote Investment Cooperation Between Thailand and China

BANGKOK (NNT) – Thailand’s Board of Investment (BOI) has expressed their readiness to promote trade and investment between Thailand and China.

TAT launches new campaign to boost Chinese tourist confidence

The ‘Trusted Thailand, You Taiguo Yue Wan Yue Kaixin’ campaign is expected to boost awareness of the safety measures for tourists and meaningful travel experiences in Thailand through contents shared with followers of the participating KOLs via various online community platforms, including Weibo, WeChat, Little Red Book, and Bilibili.