China is facing the prospect of a long-drawn correction in its property sector, with the overhang in the housing inventory likely to take more than 10 years to clear, according to Hao Hong, chief economist and partner at GROW Investment Group.
“If you look at the inventory overhang situation — at this sales rate — it will take about two years to clear all the inventory that is outstanding in the market,” Hong told CNBC Street Signs Asia on Thursday.