China is expected to announce new measures to fix its property crisis, spur growth

Housing prices in China slumped in the first four months of the year, although factory output rose nearly 7%, according to data released Friday, as the country prepares to announce fresh measures to reinvigorate its ailing property industry.

The State Council, China's Cabinet, said it would hold a news conference later Friday focusing on the property industry.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 and slowing growth in the world’s No. 2 economy.

Some local governments are buying apartments that are going unsold due to weak demand, with plans to rent them out as affordable housing in trial programs that may become national policy. Fox Business NetworkRep. Greg Murphy made a bizarre claim Thursday, insisting that he has “evidence” to support his allegation that President Joe Biden was “jacked up on something” during the State of the Union address. He even offered to show his so-called proof to Fox Business Network host Maria Bartiromo “offline.

Source: Real Estate Daily Report (realestatedailyreport.net)

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