Officials in China are boosting property sector relief measures to blunt the impact of Evergrande's collapse.
The new measures are part of a wider series of economy-boosting initiatives, especially in the real estate sector, which constitutes one-quarter of the country's economy.
The crisis in the property sector stems from huge debt and overbuilding in the last decade, which has resulted in a liquidity crisis for many property developers, including Evergrande.
The company's troubles sent country's property sector into a tailspin starting in 2022 when it defaulted on some of its offshore bonds.
China is moving mountains to hold the real estate sector's crisis from pouring into other sectors.
Persons:
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Organizations:
Service, Beijing, China's Ministry of Housing, China Mingsheng Banking Corp, China Securities Journal, Guangzhou, Reuters, Bloomberg
Locations:
China, Hong Kong, Nanning, Guangxi, Chongqing, Suzhou, Shanghai, restructurings