State-Owned Firm Plows $180 Million Into Local Private Developer

A state-owned enterprise in Central China’s Henan province is injecting cash into a local private real estate developer, as authorities look to shore up confidence in a sector crucial to the country’s economy.

The HK$1.4 billion ($178.5 million) investment comes as policy easing on mortgages and home purchases over the past few months have failed to revive sales, which have been lackluster since the industry fell into a liquidity crisis last year.