China has signalled it will resist calls for aggressive measures to prop up its flagging property market, even as house prices continue to drop.
People’s Daily, the Communist party’s main mouthpiece, said in a commentary yesterday that the property market was in a “normal adjustment period” and accused domestic developers, speculators and foreign banks of exaggerating the slowdown in order to put pressure on authorities to adopt heavy-handed stimulus policies.
“We must be on guard against the ulterior motives of those who are singing short the market – to destabilise the market, mislead policy and satisfy their selfish interests,” the paper said.
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