Standard & Poor’s has downgraded its credit rating outlook on China’s property sector to negative, pointing to worsening borrowing conditions and a likely slump in sales volumes.
The rating agency downgrade came as analysts warned of a potential price war among developers starved of cash by Beijing’s efforts to rein in the residential property sector.
“In the near term, what worries us most is the liquidity position of developers, who are facing very tight lending controls,” said Bei Fu, an analyst at S&P in Hong Kong. “In this situation, developers really need to rely on their own sales but this is a highly uncertain prospect given government attempts to suppress the market and the fact sales volumes have already started to come down.”
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