China pledges help for renters, among other moves to prop up its ailing property market
China has rolled out a flurry of measures to help prop up its ailing property market, while also promising to boost government spending
BANGKOK (AP) — China promised more help for renters as it rolls out a flurry of measures to prop up its ailing property market, while also promising to keep government spending at a “necessary intensity.”
The moves to increase the supply of affordable housing and spur demand come just weeks before top officials will gather in Beijing for the annual meeting of the national congress, a time when the ruling Communist Party will want to showcase its leadership.
Chinese stocks sank on Friday, dragged lower once again by property-related shares despite a campaign to build confidence in the slowing economy. The real estate industry's woes were highlighted earlier this week by an order by a Hong Kong court for the liquidation of China Evergrande, the world's most heavily indebted developer with more than $300 billion in debts.
China's property sector accounts for nearly a third of the country's economic activity and an industry-wide meltdown, triggered by a crackdown on excessive borrowing that began several years ago, has weighed on growth and sapped the confidence of both investors and consumers.
