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China property outfits shrink 5 per cent

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Chinese developers took a major blow last week after premier Wen Jiabao spoke of his desire to maintain tight controls on property prices

Shares of property developers dropped almost 5 per cent on Wednesday 14 March, according to the China Daily.

Premier Wen sparked a mass sale of shares in property firms when he reiterated the need for on-going curbs on the sector at the 2012 National People’s Congress meeting.

This latest blow for built environment firms comes after the China Banking Regulatory Commission last month ordered banks to improve the credit worthiness of loans made to local governments.

But BDP international development director David Cash told AJ that markets remained ‘buoyant’.

‘We continue to receive new enquiries each day for retail, workplace, healthcare and education projects,’ he said.

‘We are aware that there has been a reduction in the housing sector as a result of government legislation to control house price inflation, but as this work is usually done by local practices it has not affected our operation.’

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