China’s Housing Pain Set to Continue After Sales Bottom
Industry heavyweights say market reached bottom in May
Recovery is likely to be bumpy given macro, sector risks
China’s real estate slump is probably past its worst -- but the market remains a long way from a full recovery.
Industry executives and economists foresee sales remaining depressed due a weak job market, a prolonged cash crunch and low confidence on housing prices. It could hit growth in the world’s second-largest economy, where real estate and related industries account for about 20% of gross domestic product.