Beijing’s policy initiatives are showing signs of success in blowing the steam from a bubbly housing market without turning the gas off as cooling measures are extended from first-tier to lower-tier cities. Big real estate companies, the majority of which are state-owned, are likely to benefit at the expense of smaller players; and the latter may find themselves exposed to any market correction , even though we expect the correction to be no more than moderate.
A crash in prices and...
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