China's economy is likely to expand at a slower pace of 7 percent in 2015 and 7.3 percent this year, a government think tank said in a report on Monday. Due to factors such as overcapacity in some manufacturing industries, the country's GDP growth will show a downward trend in 2015 and it is expected to be around 7 percent for the whole year of 2015, the State Information Center (SIC) said in a report published by the China Securities Journal on Monday.
The prices of new homes in all 70 cities tracked by the National Bureau of Statistics (NBS) declined or remained unchanged in November from the previous month, figures released by the bureau showed. It is the third consecutive month that newly built home prices have seen no increase month-on-month in all 70 major cities.
Those moves include fewer restrictions on home purchases and eased mortgage rules. In addition, the central bank last month decided to lower the one-year benchmark lending rate and deposit rate to cut financing costs.
However, S&P noted the impact of a property market downturn will vary among lenders. The big lenders are likely to be better placed to withstand the downturn than their smaller peers, and they have proportionally less exposure to financially weak developers than their small counterparts.
