China Should Avoid a Real Estate ‘Hard Landing,’ Former Chongqing Mayor Says

China should take steps to avoid a hard landing for the distressed property market, such as the government building affordable housing and increasing people’s incomes, former Chongqing Mayor Huang Qifan said Monday in a forum.

He argued that China needs to avoid a 30–50% drop in home prices, land auction prices and home sales — defined as a hard landing —as the sector is undergoing a deep structural adjustment. He is currently executive academic vice president of the China Institute for Innovation & Development Strategy.