Employees introduce a residential project to visitors during the 2023 Weifang Real Estate Expo held in Shandong province on Feb 10. [Photo/China Daily]

More transactions expected this year after supportive measures and market correction

Consensus is fast emerging among industry observers that China's property market, which had faced a variety of troubles over the last few years, is back on track, with recovery appearing possible this year.

"After a period of market correction, the property market will stage a strong comeback this year on the back of a number of supportive measures," said Chen Wenjing, director of research at the China Index Academy.

Since last November, a series of measures targeting both supply and demand have been introduced. The work conference of national housing and urban-rural development held on Jan 17 also set the tone for this year's property market policies, which is boosting confidence, controlling risks and promoting transformation, Chen said.

Meantime, the nation's financial regulators have released a number of supportive measures, including differentiated credit support for homebuyers, facilitation of delivery of residential projects, enhanced cash flow of prime developers, guidance for their balance sheets toward a safe range, and improvements to the rental housing market.

All of which echoed the tone-setting annual Central Economic Work Conference in mid-December, experts said.