China’s Property Market Has Bottomed Out, Top Developer Says

China’s real estate market has bottomed out and will recover slowly due to supportive measures from local governments, chairman of the country’s second-largest developer by sales said Tuesday.

Pre-owned home sales are rebounding as a result of cities relaxing their property policies, Yu Liang of China Vanke Co. Ltd. (000002.SZ) told a shareholders’ conference (link in Chinese) in the company’s hometown Shenzhen. “Some demand delayed by the recent Covid-19 outbreaks has been unleashed this month.”