Government to help real estate developers

The Economic Observer, the Chinese language newspaper in Beijing, reports the government is likely to take measures to ease property developers’ funding difficulties caused by loan curbs and falling sales. The source for this is not identified.

The Chinese-language newspaper said the People’s Bank of China, the Ministry of Housing and Urban-Rural Development and other ministries held consultations on stabilizing the property market.

The newspaper, citing a National Development and Reform Commission report, said a decline in property prices will erode demand and disrupt economic growth.

The NDRC report said, according to the newspaper, that housing sales in China dipped 0.4% from a year earlier to 136.6 million square meters in the first four months.
Source: Shanghai Daily