China Intensifies Efforts to Stabilize Property Market Amid Economic Challenges

Beijing commits to letting insolvent property firms go bankrupt, aiming to boost home sales and stabilize employment.

Beijing to allow some troubled real estate developers to go bankrupt or be restructured in the face of a deepening property sector crisis.
Housing Minister Ni Hong emphasizes the need for a stable market, despite systemic risks and a liquidity crisis among major developers.
China aims to improve home sales in a 'forceful' and 'orderly' way, with over 200 billion yuan in bank loans approved to support developers.
Officials acknowledge the need to boost employment and stabilize the property market, with youth unemployment hitting 21.3% in mid-2023.
Premier Li Qiang sets an ambitious growth target of around 5% for 2024, despite economic headwinds.