China's property market has "more space" to develop in the future given the growing urban population, a Chinese media outlet reported on Monday, citing comments from Wang Yiming, a member of the central bank's monetary policy committee.
“Urban long-term residents rose by 12 million at the end of last year given that the urbanization rate rose to 64.7% of the population,” Wang said.
The property market has turned more "rational" as the risks in the property sector had been "orderly rooted out," CCTV said.
Meanwhile, CCTV said “China should "fully satisfy" people's housing needs and provide the capital needed for real estate development,” citing Liu Yuanchun, the President of Renmin University.
Market reaction
As Chinese markets reopen on Monday after the Lunar New Year break, the focus now remains on how policymakers will take steps to restore investor confidence in the country’s troubled property sector.
As of writing, USD/CNY is trading at 6.3318, down 0.44% on the day.
