Sweeping measures to support China's property sector
Beijing has unveiled sweeping measures to support the property sector, as regulators seek promote the “stable and healthy development” of the industry. The banking regulator and central bank on Friday issued a 16-point set of internal directives to shore up liquidity in the embattled sector, including credit support for debt-laden housing developers. Other measures, which were verified by state media on Monday, include financial support to ensure completion and handover of projects to homeowners, and assistance for deferred-payment loans for homebuyers. The directives came on the same day the National Health Commission issued 20 rules for "optimising" dynamic zero-Covid, where certain restrictions were relaxed to limit the policy's social and economic impact. Chinese property stocks soared in response, with top property developers Country Garden going up 33 percent. Longfor Group, Agile Group, R&F Properties, Logan Group and KWG Group all jumped almost 30 percent. (AFP/Reuters)