May 17, 2024 2:43 PM

China unveils ‘historic’ steps to stabilise crisis-hit property sector

China on Friday announced "historic" steps to stabilise the crisis-hit property sector, allowing local governments to buy "some" apartments, relaxing mortgage rules and pledging to deliver unfinished homes. Investors hoped the measures marked the beginning of more decisive government intervention to compensate for waning demand for both new and old apartments, slow down falling prices, and reduce a growing stock of unsold homes. Analysts have long called for the government to step in with its ...