Chinese property companies raised a total of 101.8 billion yuan ($14.9 billion) in December, up 33.4% year on year, driven by more state support for the highly indebted sector, according to market researcher CRIC.
CRIC surveyed one hundred companies. The figure for the year 2022 was 824 billion yuan, decreasing by 38% year over year, it said.
The central bank said on Thursday that for cities where the selling prices of new homes fall month-on-month and year-on-year for three consecutive months, the floor on mortgage rates can be lowered or abolished for first-time home buyers in phases. China is also planning to relax restrictions on borrowing for property developers by dialing back the "three red lines" policy, Bloomberg News reported on Friday.
In November and December, Chinese regulators rolled out a series of measures to bolster liquidity in the sector, including China's biggest state-owned banks pledging at least $162 billion in fresh credit to ease a cash crunch in the sector. The property sector, which accounts for a quarter of China's economy, was badly hit last year as many developers were unable to finish building projects that led to mortgage boycotts by some buyers. Lockdowns and movement control measures to control the spread of COVID-19 also hurt buyer sentiment.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gala (GALA) Jumps 33% in Last 24 Hours, Here Might Be 2 ReasonsGala (GALA) surges 33% in one day, here's why GALArmy GALACoin NFTgaming CryptoGaming $GALA GALA Blockchain GalaGames BlockchainGaming
Read more »
The Cards Of Pokémon TCG: Silver Tempest Part 33: Full Arts BeginBleeding Cool's spotlight on the artwork of PokemonTCG: Sword & Shield - SilverTempest moves onto the Full Art section of this set. Pokemon
Read more »
Durant has 33 points to lead Nets past PelicansT.J. Warren scored 15 points for Brooklyn and Royce O'Neale added 14, including a 3-pointer with 2:27 left.
Read more »
Photos: Dublin Coffman boys basketball defeats Upper Arlington 36-33 in overtimeThe Dublin Coffman High School boys basketball team defeated host Upper Arlington 36-33 in overtime Jan. 6 in an OCC-Central Division game.
Read more »
Stock picks to buy, 33 best investing ideas for 2023: Deutsche BankInvestors should buy these 33 stocks for the best shot at outperformance in 2023 — according to a Deutsche Bank group that's seen its stock picks double in value in five years
Read more »