7 months ago
46
In a
housing crisis
that shows no end, the
Chinese govt
is stepping in as a buyer of last resort. Chinese officials Friday took their boldest step yet, unveiling a nationwide plan to buy up some of the vast housing stock languishing on the market. They also loosened rules for mortgages. The central bank said it would provide $41.5 billion in cheap loans to help
state-owned enterprises
buy housing built but not sold.
The flurry of activity occurred just hours after new economic data revealed a hard truth: No one wants to buy houses right now. Policymakers have tried dozens of measures to entice homebuyers and reverse a steep decline in the property market, which has shown few signs of recovering soon.
