China's 10 industries' outlooks for 2024

Real estate

A meeting of the Political Bureau of the CPC Central Committee held in July 2023 noted that it is imperative to adjust and improve property policies in a timely manner and make use of the targeted policies in different cities, considering the fundamental change in the supply-demand situation in the real estate sector.

Another meeting held by the Ministry of Housing and Urban-Rural Development said two things will be the focus in 2024, namely stabilizing the real estate market and building a new development model for real estate.

The country should introduce further policies to stabilize the market and restore people's confidence, said Liu Yuan, vice-president of research institute at Centaline Property. Moreover, the government should give practical and specific arrangements to the real estate enterprises for financing.

The risks faced by housing developers will be controlled to a certain extent, and the supply-side impact on the market will significantly weaken in 2024, said Li Yujia, chief researcher at the Guangdong Planning Institute's residential policy research center.

Li said the capital chain tension of the developers will be eased, and the phenomenon of the developer selling assets at a discount price will be reduced, which will be conducive to the stability of asset prices in the entire market, and will greatly help boost confidence in the real estate market and reverse people's expectations.