Property sector to focus on inventory clearing: China Resources Land

Hong Kong

STATE-BACKED property developer China Resources Land said the sector will continue to focus on clearing inventory this year amid a supply glut, but the company had set itself aggressive sales targets.

Weakness in the property sector, which accounts for some 15 per cent of China's gross domestic product, is seen as the greatest risk to the government's new 7 per cent economic growth target for the year. The property market began to slump early last year after the central government tried to cool the overheated sector with tighter bank lending and restrictions on second home purchases.