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在线翻译:
szdaily -> Business
Property hard sell intensifies in bid to lift sagging sector
     2014-September-25  08:53    Shenzhen Daily

    CHINESE banks, property developers and regional governments are intensifying efforts to drag the housing market from its worst slump in two years by allowing people to buy more than one home, slashing prices and launching unorthodox promotions.

    The property sector, which accounts for about 15 percent of China’s economy and directly affects some 40 industries from furniture to steel, is of increasing concern to companies and policymakers as it drags on growth.

    The most powerful support measure may be yet to come.

    Chinese media said Tuesday that one of China’s top four State banks planned to discount mortgage rates by 30 percent and relax lending rules for those buying a second home.

    Whether the flurry of measures can stoke growth in a sector that is crucial to China remains to be seen.

    China’s property market, where prices surged to all-time highs for five consecutive years, is experiencing its sharpest slowdown in around two years.

    Average new-home prices fell for a fourth consecutive month in August by 1.1 percent, meaning the market is now close to wiping out gains seen over the past year. Compared to a year ago, sales as measured by floor space were down 12.4 percent.

    While the slowdown in a heated market has benefited millions of Chinese, for whom soaring house prices have made home ownership a distant dream, slackening activity has also raised concerns about the health of China’s economy.

    It is straining already softening domestic demand and pushing overall fixed-asset investment to lows not seen in nearly 14 years on a cumulative basis between January to August.

    No bank or official has so far confirmed media reports that mortgage rates would be lowered, partly out of fear of being criticized for reflating China’s property bubble.

    But those in the market were hopeful such a move was imminent, especially since regional governments have already tried to prop up the market by abolishing housing investment limits in 40 of 46 cities.(SD-Agencies)

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