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News in English (USA) / 17.10.2024 / 10:00

China Boosts Support for Troubled Property Sector Amid Market Concerns

In a significant move to stabilize its beleaguered property sector, China has announced a boost in financial support for unfinished housing projects, with funds increasing to approximately $562 billion. This measure aims to counter the ongoing property slump that has impacted various companies and the overall market. Despite these initiatives, Asian stocks have shown mixed reactions, with some markets rallying while others stall in response to the latest developments. The Chinese housing minister has vowed to continue efforts to stabilize the market, while officials are expected to brief on additional measures to bolster the struggling sector. The economic outlook remains cautious, as analysts note that recent stimulus efforts may not be sufficient to restore confidence among investors.
Reuters, Bloomberg, CNBC, The Economist, The Associated Press, South China Morning Post, Financial Times, ForexLive, WRAL News, Yahoo Finance