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China's housing minister 'fully confident' of property market outlook - Caixin
March 9, 2017 / 11:02 AM / 10 months ago

China's housing minister 'fully confident' of property market outlook - Caixin

BEIJING (Reuters) - China’s housing minister Chen Zhenggao said he was “fully confident” of the outlook for the property market, amid strong economic fundamentals and continuing urbanization, financial magazine Caixin said on Thursday.

China's Housing Minister Chen Zhenggao speaks at a news conference on the sidelines of the National People's Congress (NPC), China's parliament, in Beijing, China, March 15, 2016. REUTERS/Kim Kyung-Hoon

China’s home price growth slowed in January for a fourth straight month, after curbs by authorities last year on the property sector, as a concentration of price surges in the wealthiest cities stoked fears of a nasty crash.

“China’s urbanization process still has a long way to go, so the property market still has vast potential to develop further,” the magazine quoted Chen as saying.

“As long as China’s economic fundamentals still remain strong, the real estate market will not change.”

The government still has many policy tools in reserve to regulate the property market which are sufficient for the purpose, Chen added, without giving details.

Home prices rose 12.2 percent in January from a year earlier.

Last month, Chen said home prices would remain stable in the first quarter and the government had the capacity and methods to stabilise the market.

Reporting by Yawen Chen and Beijing Monitoring Desk; Editing by Clarence Fernandez

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