KURE - Fresh stimulus from China to bolster crisis-hit property sector
2023-09-01 03:38:33 ET
Stimulus measures continue to be rolled out as real estate headwinds weigh on China's economy.
The government will now allow the country's largest cities to cut down payment percentages for home buyers and will persuade lenders to lower rates on existing mortgages.
However, the question remains whether these steps will be able to revive the property market and an economy that President Biden has referred to as a " ticking time bomb ."
Other new stimulus actions unveiled by China include lowering bank reserve requirement ratios for foreign currency deposits, as well as expanded tax breaks for child and parental care and education.
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Fresh stimulus from China to bolster crisis-hit property sector