China rate cut seen helping property market
But a strong recovery is unlikely in view of an over-supply of unsold homes
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Hong Kong
CHINA'S second interest rate cut in just over three months will boost property sales and help stabilise weak house prices, but a strong recovery in the sector is unlikely given a glut of unsold homes, market watchers said on Monday.
The property industry accounts for some 15 per cent of China's gross domestic product, so signs of a bottoming out in the sector would be good news for the government and central bank after economic growth slowed to a 24-year low last year.
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