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

FILE - This photo released by Xinhua News Agency shows an aerial view of the construction site of the 2nd phase project of the Nanjing Financial City designed as an architectural complex comprising offices, hospitality, housing and commercial facilities in Nanjing, east China's Jiangsu Province, on Jan. 16, 2024.

The State Council, China's Cabinet, said it would hold a news conference later Friday focusing on the property industry. Dozens of developers, whose legions of high-rise apartments have transformed urban landscapes across China, have defaulted on their debts. 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.

Source: News Formal (newsformal.com)

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