HONG KONG: China is set to take further action including relaxing home-purchase restrictions as it scrambles to tackle a deepening crisis in its massive debt-riddled property sector, four people familiar with the matter said.
The property sector accounts for roughly a quarter of the world's second-largest economy. However, it is in the throes of an unprecedented debt crisis that market participants fear could spread throughout the financial sector at home and beyond. Many smaller locales have eased home-purchase curbs over the past two years to boost demand, but major cities - traditional targets of speculative buying - have held off.
The government has already announced a string of support measures for the sector in recent weeks, against a backdrop of investor-spooking data indicating lacklustre economic growth and sagging consumer confidence.
Source: Loan Digest (loandigest.net)
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