China unveils dramatic steps to rescue property market
Shanghai | China announced its most drastic moves to shore up the beleaguered property market by removing the floor on mortgage rates and encouraging local governments to buy homes to convert them into affordable housing.
Investors hoped the latest steps 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.
Bloomberg and Reuters
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