CX Briefing: Beijing Pledges More Support for Property Market

A rundown of the news making headlines in and around China:

Real estate support: China’s cabinet has pledged to provide stronger support to stabilize the country’s feeble real estate market. During a meeting on June 13, the State Council acknowledged that building a new model of property development is of “great significance to promoting the stable, healthy and high-quality development of the real estate market.” The meeting proposed conducting a survey of the land that has been supplied and the projects under construction, and taking a multipronged approach to stabilize expectations, activate demand, optimize supply and resolve risks. China’s housing market has shown some signs of rebounding in first-tier cities this year, but national growth remains muted. Factors including unemployment and low salary expectations have sapped demand for new homes.