S&P raises 2016 China property forecast, sees prices up 5-10 percent

HONG KONG (Reuters) – Standard & Poor’s raised its forecast for China’s property sales and prices on Wednesday, predicting they would rise by 5-10 percent this year on stronger-than-expected government support for the market, which has been dragging on the broader economy.But it added that competition for land in top-tier cities could intensify, eroding developers’ profit margins. S&P had previously forecast growth in property sales by value and average selling pr