China’s property market could take as long as a year to recover, according to a former central bank adviser, who’s urging Beijing to do more to encourage lending to developers to halt the spread of defaults. Sales in China’s largest cities could return to growth in the next four to six months, but in smaller cities “it will take anything to between six months to one year for a good recovery,” Li Daokui, a former member of the People’s Bank of China monetary policy committee, said in an interview. Home sales are the main source of income for property developers and the collapse in the market over the past two years ... (full story)