China's real estate market: continued recovery

Chinese economist Hao Hong believes China's urbanization momentum may be coming to an end, which could further damage an already declining real estate sector.

He noted that China's urbanization process, which has grown rapidly over the past 10 years, is slowing down.

The Chinese real estate market has started to suffer due to weakened consumer confidence because of the debts of major real estate players such as Evergrande and Country Garden.

"Evergrande, which faces a liquidity crunch in 2021, announced Friday that it would postpone a debt restructuring meeting that was scheduled to take place on Monday.

Country Garden is also questioning its debt repayment.

Hong noted that two years ago, 18 trillion yuan ($2.46 trillion) worth of Chinese real estate was sold.

He said sales worth 10 trillion yuan this year, or even 5-6 trillion yuan, would be considered "successful".

Chinese new home prices fell 0.3 percent month-on-month in August, continuing the real estate slump.

The figure was also down 0.1 percent from a year earlier.

A former Chinese official has warned that China's population of 1.4 billion people will not be able to fill unoccupied apartments across the country.

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