CASS sees property recovery in second half

The Chinese Academy of Social Sciences (CASS) said that it expects China’s property market to recover in the second half of the year as Beijing’s stimulus strengthens the wider economy, the South China Morning Post reported. In a yearly report on property, the think-tank also proposed loosening credit, cutting taxes and lowering land costs to contribute to a rebound in property sales. It also called for financial institutions to support “quality” property developments. Existing stimulus measures, such as lower interest rates and reserve requirement ratios, and generally easier access to credit would also contribute to the property sector’s development, said Li Jingyuan, the report’s author. However, he noted that if the policies were not sufficiently effective, Beijing could introduce further stimulus measures later in the year.