Top Banking Regulator Warns Against a ‘Too Dramatic’ Real Estate Correction

What’s new: China’s chief banking regulator warned that a “too dramatic” correction in the property sector could damage the economy and said a smooth transition would be more desirable.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told reporters at a briefing Wednesday that recent property price adjustments and changes in the structure of demand are for the financial sector by reversing a bubble momentum in real estate financing.