PBOC Earmarks $42 Billion for State Buying of Unsold Homes

-- The People’s Bank of China will establish a nationwide program to unleash 300 billion yuan in cheap funding to help state-owned companies buy unsold homes.Jamie Dimon Sees ‘Lot of Inflationary Forces in Front of Us’

Policymakers earlier unveiled a major easing of mortgage rules, and encouraged local governments to buy unsold homes from developers for conversion into affordable housing. China’s 24-man Politburo called for policies to address the nation’s stock of unsold homes at a meeting last month. The size of the central bank financing fell short of analyst estimates of at least 1 trillion yuan needed for the purchase. That could disappoint investors on Monday, after a Shanghai gauge of property stocks shot up 6.2% Friday in anticipation of stronger support.How the ‘Harvard of Trading’ Ruined Thousands of Young People’s Lives -- JPMorgan Chase & Co.

Source: Real Estate Daily Report (realestatedailyreport.net)

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