China Vanke (200002.SHE) president Yu Liang has told reporters that the ‘golden era’ for the property industry is over, and that his company, the biggest property developer in China, is focused on developing homes for owner-occupiers rather than investors, Bloomberg reported. Yu joins Vanke Chairman Wang Shi in flagging a slowdown in China’s property market, with home sales slumping 10% in the first four months of this year amid tight credit and slower economic growth, reversing last year’s 27% jump and prompting developers to cut prices.
Categories