China rolls out new measures to fix its property crisis, spur growth
China announced a slate of fresh measures Friday to reinvigorate its ailing property industry after the latest data showed housing prices have slumped nearly 10% since the start of the year.
Among other things, the central bank said it would reduce the minimum down payment for mortgages and remove the floor on interest rates for first and second homes.
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 — such as home furnishing, appliances and construction — and slowing growth in the world’s No. 2 economy.
Dozens of developers, whose legions of high-rise apartments have transformed urban landscapes across China, have defaulted on their debts. Many projects have just stalled, unfinished.
He Lifeng, a vice premier, said officials would roll out policies to suit each city and “fight the tough battle of dealing with the risk of unfinished commercial housing.”
Related articles
Ethiopia protests US ambassador's speech after he calls for release of political prisoners
NAIROBI, Kenya (AP) — Ethiopia lodged a complaint Thursday over statements by the U.S. ambassador af2024-05-18Jimenez homers to back Crochet as White Sox beat Cardinals 5
ST. LOUIS (AP) — Eloy Jimenez homered and Garrett Crochet tossed six effective innings to help the C2024-05-18Shohei Ohtani homers twice as Dodgers sweep Braves with 5
LOS ANGELES (AP) — Shohei Ohtani went 4 for 4 with two home runs, and the Los Angeles Dodgers beat t2024-05-18Lando Norris claims first F1 victory at star
Donald Trump, carrying his famous red cap, would be last man to believe he couldn’t make the Formula2024-05-18FIFA urges soccer bodies to mandate racism as an offense. Players to flag abuse with crossed hands
GENEVA (AP) — FIFA wants all 211 national federations to make racist abuse a disciplinary offense, a2024-05-18Met Gala 2024: Theme, guest lists and how the stream. All you need to know
NEW YORK (AP) — Attention all you fashionistas: It’s Met Gala time. Yes, the first Monday in May is2024-05-18
atest comment