China rolls out new measures to fix its property crisis, spur growth
China announced a slate of fresh measures Friday to reinvigorate its ailing property industry after the latest data showed housing prices have slumped nearly 10% since the start of the year.
Among other things, the central bank said it would reduce the minimum down payment for mortgages and remove the floor on interest rates for first and second homes.
China’s housing market has slumped after a crackdown on excessive borrowing by property developers several years ago, dragging along a wide range of other businesses — such as home furnishing, appliances and construction — and slowing growth in the world’s No. 2 economy.
Dozens of developers, whose legions of high-rise apartments have transformed urban landscapes across China, have defaulted on their debts. Many projects have just stalled, unfinished.
He Lifeng, a vice premier, said officials would roll out policies to suit each city and “fight the tough battle of dealing with the risk of unfinished commercial housing.”
Related articles
Student shocks by filming her £700
A university student has shocked her social media followers after revealing the dire state of her £72024-05-18Chinese premier congratulates Mishustin on reassuming office as Russian PM
BEIJING, May 12 (Xinhua) -- Chinese Premier Li Qiang on Sunday congratulated his Russian counterpart2024-05-18Timberwolves force Game 7 by blowing out Nuggets 115
MINNEAPOLIS (AP) — Anthony Edwards flashed seven fingers to the roaring crowd as he walked off for a2024-05-18Einstein is right again! Scientists prove that plunging regions exist around black holes
Over 100 years on, scientists have finally confirmed one of Albert Einstein's theories about the nat2024-05-18Murder charge against Chad Daybell will stand despite wrong date of child's death, judge says
BOISE, Idaho (AP) — A typo in the triple murder indictment of an Idaho man accused of killing his wi2024-05-18BLM founder is arrested at court after confronting cop with vile tirade and threats
The founder of Black Lives Matter Greater NY was arrested at a Bronx courthouse after being involved2024-05-18
atest comment