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China’s biggest cities vow to introduce steps to boost property sector

China's biggest cities vow to introduce steps to boost property sector
© Reuters. FILE PHOTO: A traffic light is seen near a construction site of residential buildings in Shanghai, China July 20, 2022. REUTERS/Aly Song

BEIJING (Reuters) – China’s biggest cities including Beijing and Shenzhen said over the weekend they would implement measures to better meet the needs of homebuyers, without giving details, aiming to prop up a property sector that is seeing few signs of recovery.

This comes after top leaders at a Politburo meeting pledged this month to adjust and optimise property policies in a timely manner, and the housing minister promised more effective implementation measures.

Markets have expected policymakers to signal more property stabilisation steps after the Politburo meeting.

China’s property sector has seen a string of debt defaults by cash-squeezed developers over the past few years with China Evergrande Group, the world’s most indebted property developer, at the centre of the crisis.

Beijing’s housing ministry on Saturday night said it would take into account the city’s real estate situation and work with relevant departments to implement the pledges of policymakers.

The southern megacity of Shenzhen made a similar statement on Sunday.

Official newspaper Guangzhou Daily also reported on Sunday that Guangzhou’s housing ministry had vowed to launch relevant policy measures as soon as possible.

Source: Investing.com

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