China boosts credit to shore up property market
China says a painful downturn in its property sector has bottomed out after three years of adjustment. The housing minister Ni Hong struck a positive tone at a much-anticipated press briefing in Beijing on Oct 17. Mr Ni confirmed that credit support for unfinished housing projects will nearly double to four trillion yuan or about US$560 billion by the end of the year. CNA's Tan Si Hui reports.
China says a painful downturn in its property sector has bottomed out after three years of adjustment. The housing minister Ni Hong struck a positive tone at a much-anticipated press briefing in Beijing on Oct 17. Mr Ni confirmed that credit support for unfinished housing projects will nearly double to four trillion yuan or about US$560 billion by the end of the year. CNA's Tan Si Hui reports.
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