Chinese Leaders Hint at New Pivot in Tackling Property Downturn

China’s Politburo, the country’s top decision-making body, pledged efforts to support the ailing property market and hinted at new measures to tackle the protracted crisis at its monthly meeting Tuesday.

Chaired by President Xi Jinping, the 24-member Politburo vowed to “study policies for reducing existing housing stock, while optimizing new housing supply,” and to establish a new model for real estate development, according to the official Xinhua News Agency.