Standard & Poor’s raised its outlook for China’s housing sector from negative to stable, with the rating agency highlighting strong sales momentum and stable financing for developers.
The upgrade, coming less than two years after S&P cut the country’s property developers to a negative outlook, is the latest sign of a turnround in China’s real estate market that began last year.
The property sector is the most important driver of Chinese growth, directly accounting for more than 10 per cent of gross domestic product. As rising home sales fuel more construction, many analysts believe China is on track to recover this year from its 7.8 per cent growth last year, its slowest in more than a decade.
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