Aug 18, 2023 04:49 AM

ECONOMY

China Extends Loan Support for Ailing Developers

By Ding Feng and Han Wei

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China’s property industry showed no sign of recovery as key business indicators slipped further in July

China’s property industry showed no sign of recovery as key business indicators slipped further in July

China’s central bank said it will extend until May 2024 a special loan program designed to support embattled real estate developers in completing stalled projects as the country’s property market crisis drags on.

The People’s Bank of China pledged to use policy tools more effectively to ensure healthy development of the property market and continue support to help developers deliver projects, according to the bank’s quarterly monetary policy report published Thursday.

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