China's property sector, a major driver of economic growth, has weakened sharply this year as Beijing cracks down on speculators and indebted developers in a broad push to ease financial risks, with prices of new homes down for the first time in six years.
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In the near term, many analysts expect authorities will try to stabilise the sector, which accounts for a quarter of gross domestic product by some measures, although there is uncertainty over which policy levers Beijing would pull.
Authorities would have to address and navigate challenges on multiple fronts: debt risks, cost-of-living pressures, worried homeowners, and the need to boost economic growth.
DEBT RISKS
Concerns over growing financial risks are a primary driver of the crackdown.
China's property sector is heavily reliant on credit. As of the end of the second quarter, Chinese developers owed 33.5 trillion yuan (US$5 trillion), or a third of the country's GDP, according to Nomura.
Since authorities last year unveiled the "three red lines" - a significant policy plank aimed at limiting developers' liabilities-to-assets, net debt-to-equity, and cash-to-short term borrowing ratios - many companies have grown desperately short of cash.
COST OF LIVING
Authorities have also slapped lending restrictions on mortgages to deter speculative home buying.
China's major cities have some of the highest-priced real estate in the world compared to average local earnings.
It would take decades of savings to afford an apartment in Beijing, Shanghai or Shenzhen for someone with a standard salary in those cities
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