October 17, 2024 00:16 GMT
CHINA: Housing Minister Press Conference Unlikely to See New Announcements.
CHINA
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- China’s Housing and Urban-Rural Development Minister Ni Hong will hold a press conference this Thursday at 10am Beijing time.
- It is unclear as to whether new measures are to be announced but we expect the press conference to be similar to the Ministry of Finance press conference over the weekend where existing policies were confirmed.
- The decision making in China rests with the Party and entities like the Housing and Urban Development Ministry typically discuss execution.
- Market participants can look for significant announcements at meetings such as these but that can lead to disappointment.
- The weekend’s press conference from the Ministry of Finance reiterated existing policies to support the economy and it is likely that today’s meeting will be of a similar nature.
- The Minister will be joined by key officials from the PBOC with the focus on ‘promoting the steady and healthy development of the property sector’.
- Quite possibly the Minister will point to a release from the China Real Estate Information Corp (CRIC) reporting that land buyers spent CNY73bn in September, a 92% month on month increase and that Golden Week saw China’s largest state-owned developers experience a significant pick up in contracted sales.
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