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Ni Hong, China's minister of housing and urban-rural development. In response to the property crisis, in March 2024, China's minister of housing and urban-rural development Ni Hong said at a press conference that real estate developers must go bankrupt if necessary "in accordance with the law or market principles." [110]
China’s property industry began to cool in 2019 and fell into a deep trough about three years ago after a government-led clampdown on developers’ borrowing.
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 ...
A month ago, Beijing unveiled wide-ranging measures to rescue the crisis-hit property market, including asking local governments across the country to buy unsold homes from beleaguered developers ...
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 ...
At one point, China’s property sector contributed about 30% of the country’s entire GDP. Fitch Ratings last November called Chinese real estate the “most important single sector of the ...
In a coordinated move, the People’s China of China (PBOC) announced that it will set up a nationwide program to provide 300 billion yuan ($41.5 billion) in loans to fund state purchases of ...
BEIJING/HONG KONG (Reuters) -China on Friday announced some of its most sweeping measures yet to stabilise the crisis-hit property sector, allowing local governments to buy "some" apartments ...