China’s property market indicators showed moderating year-on-year declines in March, during the course of a slow recovery from the economic fallout of the COVID-19 outbreak. Prices appear to be under pressure while household income growth slows and household savings increases given a deteriorating outlook for employment. Even though slowing property construction represents the greatest threat to the ongoing but marginal recovery this year, Beijing is likely to continue to rein in localities’ efforts to ease purchase restrictions within their jurisdictions.
