Giulia Carbonaro
The Chinese government's efforts to stabilize its struggling property sector have failed and the industry's problems are likely to continue putting downward pressure on the country's economy, experts have told Newsweek.
In recent months, particularly following April's meeting of the Chinese Communist Party's powerful Politburo, there have been attempts to stabilize the nation's property market after it was thrown in disarray in 2021 when real estate giant Evergrande Group defaulted on interest repayments.
But despite the introduction of measures, which included reducing down-payment requirements in some places, getting rid of the floor of mortgage rates and easing purchase restrictions, "there's still no evidence that these measures are doing anything near enough to stabilize the market," David Lubin, the Michael Klein Senior Research Fellow in the Global Economy and Finance Programme at Chatham House think tank, told Newsweek.
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