In China, millions of apartments have been empty for a long time – ghost towns were created in the construction boom.
(Photo: dpa)
Hong Kong/Beijing Shares in Chinese real estate firms have risen sharply following reports of a government bailout plan. Shares in real estate developer Country Garden were up nearly 46 percent by the close on Monday on the Hong Kong stock exchange, while rivals Longfor and China Overseas Land were up around 15 percent and 9 percent, respectively.
The Bloomberg news agency and Chinese state media had previously reported on an extensive aid program. China’s central bank and the country’s banking and insurance regulators presented 16 measures to Chinese financial institutions on Friday that are intended to ensure “stable and healthy development” in the real estate sector.
Unlike previous, smaller measures, it is a large bundle that is intended to alleviate the liquidity problems of real estate developers, for example through loan extensions. At the same time, down payment requirements for house and apartment buyers are to be relaxed.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue