Balanced News: China’s property market is going in ‘two-directions,’ says ex-central bank advisor

China’s property market is experiencing a divergence, with sales picking up in larger cities but declining in third- and fourth-tier cities, according to former People’s Bank of China advisor Li Daokui. While further stimulus is expected, a recovery in the market is not anticipated to happen soon. The property market has been affected by faltering consumer confidence due to the debt troubles of property giants Evergrande and Country Garden. Beijing has taken steps to support the housing market, including cutting loan interest rates and easing purchase and sale restrictions.