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China invests billions into struggling property market

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Chinese authorities have unveiled their most significant steps yet to address the crisis that has been dragging on the country's property

Chinese authorities have taken significant steps to address the crisis in the country’s property sector.

have unveiled their most significant steps yet to address the crisis that has been dragging on the country’s property sector in recent years. The new measures include reducing the amount needed for a home buyer’s deposit and urging local authorities to purchase unsold properties. The People’s Bank of China announced it would establish a 300-billion-yuan facility to support affordable housing.

Earlier, Vice Premier He Lifeng informed officials that local governments can buy properties at “reasonable prices” and sell them as affordable housing, as reported by the state-run Xinhua News Agency.

 

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