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Vigers Holdings Limited Vigers is renowned in global real estate market for its asset valuation, general practice surveying, building consultancy and facilities management etc. 威格斯提供資產評估、產業測量、建築顧問及設施管理等服務,於環球物業市場均享負盛名。 www.vigers.com Tel : +852 2342 2000 China Insight 中華視野 Property market in China was hit hard in the past few months, amid a continued slowdown in credit in the country. To stablise the property market, The People’s Bank of China (PBoC) held a forum with the parties like China Banking Regulatory Commission, and the seventeen Chinese banks, as well as housing finance services institutions in the mid of May. The Deputy Governor of PBoC Mr Liu Shiyu even had verbal intervention to tap for property market, but without mentioning loans for developers’ property development. Meanwhile, The PBoC reiterates to have policy support for affordable housings, small ordinary housings construction, first-time self-occupied home buyers. Mainland property market started to get worse since late last year, led by a plunge in home sales. Total area sold dropped 10% Y-o-Y to 1.6 million square meters in Jan-Apr 2014. Subsequent price drop of 10% M-o-M at RMB11,755 per square meter was seen in March. Downside pressure in property price of Tier-1 cities have become obvious, following the price slashes in Tier-2 and Tier-3 cities property sales. ICBC led a high-profile response upon The PBoC’s latest verbal intervention. Nonetheless, market still has great concern over property mortgage risk which would trigger loan defaults and foreclosures, should the property prices dive. In fact, banks are getting more difficult to generate profits from their mortgage business, given the rising funding costs. Contraction in property mortgage lending is easily seen, although many banks have indicated that they will support the property mortgage business. As such, we can regard the verbal intervention as a property market booster instead. However, multi-policy coordination like a certain degree of easing in home purchase policy, could help avoid a collapse in Mainland property market in the near-term. 內地樓市於過去數月一片風聲鶴唳,更 傳有內房老闆因資金鏈斷裂而「走 佬」。中央為穩定樓市,於5月中與人行、 中銀監,與及17家內地銀行召開住房金融服 務座談會,會中副行長劉士餘更出口要銀行 「開水喉」,但並未提及針對開發商的開發 貸款。人行更重申要支持保障房、中小型普 通住房建設,支持居民購買首套自住普通商 品房等政策。 眾所周知,內地樓市告急始於去年底。住宅 銷售量率先斷崖式插水,今年首四個月按年 跌10%至160多萬平方米。其後價量齊跌, 3月份36城平均住房價按月跌10%至每平方 米11,755人民幣。繼二三線城市有樓盤減價 促銷後,現時一線城市樓價亦開始受壓。 人行出口術救樓市後,工行率先高調表態支 持。然而,無可否認市場仍頗為關注若房價 快速插水,會增加房貸風險,並擔心房企資 金斷裂,引發貸款違約及斷供的問題。在利 率市場化的趨勢下,銀行資金成本上升,按 揭業務較難賺錢,很多銀行名義上支持按 揭,但實際上已大幅收縮。故此,是次人行 口頭干預顯然為內房打下一支強心針,但能 否令房價避開暴跌危機還需多方政策配合, 當中較為熱門的有適度放寬限購政策。 Chinese government gives a boost to property market 中央為內房 打下強心針 17


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