Market Updates
China's Property Rescue Measures Fall Short of Expectations
Arjun Pandit
14 Nov, 2022
Mumbai
Hong Kong's property stocks advanced after China proposed sweeping measures to support moribund sector.
The new measures released by the banking regulator and central bank are designed to provide financial assistance to developers in completing housing projects and require banks to treat private and state-owned companies on a similar footing.
The 16-point measures also include some assistance to homeowners in deferring monthly payments.
The pace of home completion across China has slowed down considerably because of persistent and widespread coronavirus linked lockdowns for the last two years.
Housing market in China remains fragile and home prices are still falling as buyers struggle to find housing loans and developers are at a standstill after defaulting on several large international debts.
The proposed measures are likely to expedite completion of few large projects and the housing demand is not expected to recover for months because housing prices are still falling.
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