The development of real estate in China has good prospects in the long run despite the durrent sluggish demand according to an expert from the National Development and Reform Commission (NDRC).
Wang Yiming, vice president of the Macro Economy Research Institute of the NDRC, said, ‘The development of real estate has good prospects in a relatively long term. After rational adjustment, it will show a more sound development trend.’
Wang Yiming told a press conference at the 2008 Beijing International Media Center that amid an estimated continuous urbanization drive in China, more people may move to cities in the next decade and more, creating increasing demand for houses.
He said that relative policies and measures will be worked out sooner or later to promote the stable and sound development of the sector.
Real estate investment increased by more than 30% between January and July this year, despite the shrinking housing demand since the second half of last year.
Source: China View