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Sunday, 19 May 2024 00:00

China Pours Billions Into Crisis-hit Property Market

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Chines has been struggling with a property crisis since 2021 (Photo by: BBC.com)

 

VOINews, Jakarta: Chinese authorities have unveiled their most significant steps yet to address the crisis that has been dragging on the country's property sector in recent years.

As reported by BBC.com (18/5), the new measures include cutting the amount home buyers need for a deposit and encouraging local authorities to purchase unsold properties.

Problems in China's property market are having a major impact on the world's second largest economy as the industry had been a key driver of growth until recently.

The People's Bank of China (PBOC) said it would set up a 300bn yuan ($41.5bn; £32.8bn) facility to support affordable housing.

The money would be aimed to support local state-owned enterprises to buy unsold homes, said Tao Ling, a deputy governor at the central bank at a news briefing.

Earlier, Vice Premier He Lifeng told officials that local governments can buy properties at "reasonable prices" and sell them as affordable housing, according to state-run Xinhua News Agency.//BBC.com/VOI

 

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