Standard Chartered CEO Bill Winters states that China's property market has not yet reached its bottom.

• Winters characterized the investing climate in China as challenging, citing low consumer and international investor confidence as reasons.
• China did not launch a massive stimulus program because it saw the negative consequences of other countries' actions during the first wave of Covid, which resulted in increased debt levels.

Despite the turmoil in the past year, China's property market has not yet reached its bottom, according to CEO Bill Winters.

Winters told CNBC's JP Ong that the investing climate in China is challenging due to low consumer and international investor confidence.

The source of many confidence questions is the property market, which has not yet fully recovered, resulting in a slow decline.

Winters stated that although there are occasional indications of increased activity, it seems that we have not yet reached a true bottom in terms of pricing.

A financial crisis is typically preceded by a burst in a property market bubble, which often leads to a significant decline in GDP.

In the second quarter, China's GDP growth rate decreased from 5.3% in the first quarter to 4.7%, which is the lowest since the first quarter of 2023.

Bank of America recently revised its GDP growth forecast for China for 2024, 2025, and 2026.

Beijing has taken several actions to boost the economy, such as reducing interest rates on loans and recently permitting homeowners to refinance their mortgages in order to spend more money on consumption.

China has not launched a massive stimulus program because the country saw the negative consequences of other countries' actions during the first wave of Covid, which resulted in higher debt levels.

We anticipate that the continuous, small stimulus programs, which are being implemented through monetary and fiscal policy, will prevent a severe economic downturn that would be challenging to recover from. However, we believe that the stimulus will be sufficient but not excessive.

He believes that although it may be uncomfortable initially, financially it will be beneficial in the long run.

GROW Investment Group's partner and chief economist, Hao Hong, stated on CNBC's "Street Signs Asia" that there are currently no indications of significant policy stimulus.

Beijing has not unleashed any massive stimulus, according to him, because of structural and circular downward pricing pressure in the property sector.