China plans property rescue in latest surprise policy shift

14 Nov 2022 · 5 min read

Editor's Note

China's sweeping measures to revive its property market will help to shore up the economy, though they are unlikely to mark a turning point, Bloomberg News reports.

China issued sweeping directives to rescue its property sector, adding to a major recalibration of its pandemic response in the strongest signs yet that President Xi Jinping is turning his attention toward shoring up the world's second-largest economy.

Regulators issued a 16-point plan to financial firms for boosting the real estate market on Friday, with measures that range from addressing developers' liquidity crisis to loosening down-payment requirements for homebuyers, according to people familiar with the matter. Authorities said separately in a public statement on Monday they're allowing developers to access more money from home presales, the industry's biggest source of funds.

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