“China is still looking for more bilateral trade with other developing countries such as Malaysia for various businesses in real estate and as a source of natural resources for the country (China) ...,” Xu said on Saturday at the International Real Estate Federation (Fiabci) Malaysia Global Summit 2009.
Xu who presented a paper on “From Boom to Bubble – Impact of Growth in China’s Real Estate Sector” said the stimulus package by China recently had shown some result that the property market had escaped the downturn and Chinese consumers continued to buy houses.
He said financial liberalisation was the key to China’s sustainable development and this need to be done in a fast pace.
“By strengthening the financial liberalisation, more small and medium enterprise companies will have the opportunities to get more capital from the banks as compared with the current situation where lending is tight because banks are under government’s control,” Xu said.
He added less political influences by the Government to banks would attract more foreign investors to do business in the country.
During a panel discussion, Fiabci Asia Pacific Regional Secretariat chairman/ Fiabci World President 2005 - 2006 Datuk Alan Tong Kok Mau said total cooperation between public and private sector was crucial to gain sustainable business during the current uncertainty.
“We are fortunate that the current economic slowdown is not as bad as in 1997 financial crisis where lot of developers were out of business,” Tong said.
By The Star (by Edy Sarif)
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