Realty Tycoon: Property Prices Likely Slashed This Year

Source: Lifeofguangzhou.com

Property prices may be slashed later this year, said Liang Youpan yesterday, BOD Chairman of the Yuexiu Real Estate Group, the largest developer in Guangzhou.

Mr. Liang predicted the drop could occur as a result of probable "fund-chain" problems in some weaker developers. The price cuts could subsequently influence the entire Chinese property market.

Liang objected to the idea that the government should bail out the property market, saying that “enterprises should act according to market rules and practices."

(By Ronald Li, Stephen Roach)

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Editor: Chen Minjie