China’s Property Market to Focus on Second-Tier Cities

HousingChina’s housing boom is expected to shift from its biggest cities such as Beijing and Shanghai to provincial capitals. Shanghai property developer CIFI Holdings said first-tier cities are gradually transforming into markets dominated by leasing activities from developing and selling because property prices are already too high and new land supply is limited. CIFI Holdings Chairman, Lin Zhong said “Second-tier cities, which have just begun to feel the heat, will usher in the peak season of home construction and sales.” He added that strategic focus has shifted to second-tier cities including Shi Jiazhuang in Hebei province, Chengdu in Sichuan province and Nanchang in Jiangxi province. He added that some of the second-tier cites may see new home prices double over the next three to five years.

Source: SCMP

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