China's top developers are prising open their war chests to snap up land this year as local governments sell more prime real estate to boost revenues and smaller, distressed property firms look to offload assets as the coronavirus takes a toll.
HONG KONG - China’s top developers are prising open their war chests to snap up land this year as local governments sell more prime real estate to boost revenues and smaller, distressed property firms look to offload assets as the coronavirus takes a toll.
China’s property market ground to a halt earlier this year as the virus outbreak escalated and authorities imposed tough curbs on travel and movement, shutting down crowded places such as property showrooms. In a note of caution, analysts said that given the land market lags the home market, developers would need to slow their investment if home sales decline at a faster pace.“Despite the strong rebound in March sales, Q1 was still a big drop so I think the full-year sales will be weak, and that may lead to a drop in home prices. I’m more prudent on the property industry.”Bigger property companies usually focus their developments in major cities where housing demand is stronger.
Undeterred, they have set more or less the same sales targets as last year, in some cases even higher.
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