BEIJING: China's property sector is expected to grapple with 'persistent weakness' for years, Goldman Sachs analysts said, adding that its problems would continue to drag on the country's economic growth. Weaknesses are particularly pronounced in lower-tier cities and private developer financing, they said
BEIJING: China's property sector is expected to grapple with"persistent weakness" for years, Goldman Sachs analysts said, adding that its problems would continue to drag on the country's economic growth.
"As such, we only assume an 'L-shaped' recovery in the property sector in coming years," the note said. Although local governments have rolled out hundreds of measures to support the sector, and the scrapping of harsh COVID-19 curbs in December has helped somewhat, positive investor sentiment towards the sector has been short-lived.
A shrinking land bank and sluggish property demand are likely to hamper the plans of a growing number of private Chinese developers who are restructuring their debt to revive their fortunes, developers and restructuring advisers have said.
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