China property fix aims to restock speculation [Reuters]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Reuters
HONG KONG, May 6 (Reuters Breakingviews) - A little bit of speculation in the property market may be just what China needs. The phrase “reducing housing inventory” has appeared in Beijing's latest policy directive, and President Xi Jinping's ideological blurb “houses are for living in, not for speculation” is no longer present. It's a throwback to a sentiment that preceded the most recent real estate boom. If 2015 is any guide, the policy shift signalled last week by the top decision-making body of the Chinese Communist Party paves way for local governments to absorb developers' unsold stock into social housing. Clearing housing inventory was a policy priority a decade ago after regulators' tried to curb leverage in the financial system. That crackdown led to a slump in home prices and a slew of defaults. Local governments then embarked on ambitious programmes to redevelop shanty towns. They provided cash compensation directly to residents affected by urban renewal projects to bu
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