Highlights
 China‟s real estate sector is coming back; it will be a long, hard slog back to boom, but a recovery appears to have begun.
 Our proprietary survey of 30 developers across the country suggests that apartment sales are rising in many cities, helped by price cuts and a shift in sentiment.
 Appartment inventories have begun to come down too, though the situation varies across cities.
 Developers believe that apartment and land prices, after having fallen a little in recent months, have now bottomed out.
 Construction activity seems to be stabilising, though year-on-year growth rates will decline.
 Land sales are not picking up, and local governments are hesistant to cut prices. One of the sector‟s fundamental problems – local governments‟ reliance upon land revenues – has not been solved and will continue to plague the sector.
 The majority of developers expect central government policy to remain unchanged, but for local governments to continue, quietly, doing their own thing. Local policy easing is now having a clear impact.
 Financing conditions for developers have eased; the costs of funding from banks and trust companies are down. There are fewer fire-sales of projects by cash-strapped developers.

渣打银行关于中国房地产行业的最新深度研究报告，希望对大家有帮助