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Property Developers to Face Chinese Cooling Measures

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bank lending  Chinese Property Market  Real Estate Cooling Measures  National Bureau of Statistics  Chinese Government  Zhou Xiaochuan  real estate developers  Beijing Times  red hot real estate market 

Property Developers to Face Chinese Cooling Measures

By - Friday 29 April 2011

As the Chinese government looks to regain control of the country's burgeoning property market, real estate developers are expected to be the next in line to face cooling measures.

The ruling party has already cut bank lending to developers and restricted them from raising money in the stock market in an attempt to bring the country's red hot real estate market under control.

It has also raised banks' reserve requirements to cool inflation, and central bank governor Zhou Xiaochuan said earlier this week that monetary tightening will continue for "some time".

And now real estate developers may be ordered to set aside more cash before they sell their projects to investors via trusts, the Beijing Times reports. However, if implemented, the new requirements would make it even harder for developers to get funding for new projects.

Figures from the National Bureau of Statistics revealed that some 67 of the 70 cities monitored by the government posted price gains in March, down from 68 in the first two months. The government claims that this is evidence that its real estate cooling measures are working.

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