China tries drastic measures to boost ailing property sector ( www.dw.com )
China has announced some policies designed to shore up its ailing property sector after the latest data showed housing prices slumped nearly 10% since the start of the year.
China on Friday announced steps hoping to stabilize its crisis-hit property sector, with the central bank releasing an additional 1 trillion yuan ($138 billion, €127.6 million) in funding, as well as loosening mortgage regulation.
As part of the measures, Beijing cut the minimum downpayment for first-time buyers and suggested the government could buy up commercial real estate, as China tries to boost an ailing housing market amid and property developer debt crisis.
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