Rolling coverage of the latest economic and financial news, as UK central bank publishes its new financial stability report
The Bank of England also warns that “significant downside risks remain” from China’s property market. Today’s financial stability report points out that activity in the mainland Chinese residential property sector continues to decrease, with the prices of new and existing homes falling this year: Disorderly defaults by property developers have been avoided so far, the Bank of England says, even though some large Chinese property developers have missed bond payments without agreed extensions.
Chinese authorities have put various measures into place to support the housing market, which has helped support housing demand. The Bank warns, though, that the ongoing market adjustment will weigh on China’s economy for some time – and could potentially spill over to the UK economy, saying: The adjustment in the property sector, alongside broader structural trends, is likely to weigh on growth in China for some time.
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