But almost no one expects the bottom to fall out, as it has in the US. Lenders in China have been far more prudent than their American counterparts. A 20 percent down payment is mandatory; Chinese borrowers typically have impeccable credit, and no one is pedaling derivatives.
If Chinese developers adjust their profit margins and keep housing affordable, the market will stabilize, according to Yi Xianrong, a researcher at the Chinese Academy of Sceinces. China must keep in step with the global economy and learn from it, he said. |
大学英语---