[photopress:property_CASS.jpg,full,alignright]China´s rapid property growth is showing signs that it may be about to slow down, the Chinese Academy of Social Sciences (CASS) (seen in our illustration) has claimed.
According to Xinhua news agency, the pace of property price growth in 2008 is expected to slow but will stop short of going into reverse.
CASS has claimed, in its annual report on the real estate sector, that the reduction in growth will be felt across the country and that prices rises will eventually settle ‘far below’ that of last year.
The drop off in growth is believed to be in part due to a range of initiatives implemented by the Chinese government in an attempt to reduce speculation. The moves, the report said, are, according to the report, ‘gradually restoring rationality to real-estate demand.’
The NDRC earlier said property prices rose 10.7% year-on-year in March, compared with 10.9% growth in February.
Source: Asia Property Report