{"id":115251,"date":"2024-10-17T17:12:56","date_gmt":"2024-10-17T10:12:56","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=115251"},"modified":"2024-10-17T17:12:56","modified_gmt":"2024-10-17T10:12:56","slug":"china-pumps-half-a-trillion-dollars-into-beleaguered-property-sector-but-thats-not-enough","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=115251","title":{"rendered":"China pumps half a trillion dollars into beleaguered property sector. But that\u2019s not enough"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p data-uri=\"cms.cnn.com\/_components\/editor-note\/instances\/cm2cu3mf000133b6kkck7m6u4@published\" data-editable=\"text\" data-component-name=\"editor-note\" class=\"editor-note vossi-editor-note inline-placeholder \" data-article-gutter=\"true\">\n    Editor\u2019s Note: Editor\u2019s Note:\u00a0<a href=\"https:\/\/www.cnn.com\/newsletters\/meanwhile-in-china?source=nl-acq_article\">Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.<\/a>\n<\/p>\n<p>\n    <cite class=\"source__cite\"><br \/>\n      <span class=\"source__location\" data-editable=\"location\">Hong Kong<\/span><br \/>\n      <span class=\"source__text\" data-editable=\"source\">CNN<\/span><br \/>\n        \u00a0\u2014\u00a0<br \/>\n    <\/cite>\n<\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctpsfm000m27qn283kh2vb@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Chinese property shares tanked on Thursday, after measures announced by officials to bolster the flagging real estate market were deemed by investors and economists to be too piecemeal.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw00063b6kkk6r7lhg@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            After dismal economic data over the summer prompted concern that <a href=\"https:\/\/www.cnn.com\/business\/china\">China<\/a> may miss its 5% target growth rate, leader Xi Jinping finally decided to go ahead with a much-needed stimulus package, mostly focused on monetary measures, in the last week of September.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw00073b6kpyhyy2b9@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Since then, economists have been expecting an additional stimulus package worth up to 10 trillion yuan ($1.4 trillion) to restore bullishness in the world\u2019s second-largest economy. Thursday\u2019s press conference by the Housing Ministry didn\u2019t deliver on those hopes.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw00083b6kfjfjpy6i@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201c(The) housing supports announced today remain incremental in nature,\u201d Larry Hu, chief China economist at Macquarie, told CNN. \u201cThey can help ease the financial distress for developers but may not be enough to stabilize the housing market.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw00093b6kr7us3oqo@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Investors agreed, sending shares in China\u2019s benchmark CSI300 real estate index\u00a0down 5%, reversing days of gains. The Shanghai Composite index last traded flat while the Hang Seng index in Hong Kong was half a percent higher, giving up bigger gains from earlier in the day.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw000a3b6kjdl2kib0@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            During the press conference, the\u00a0Ministry of Housing and Urban-Rural Development\u00a0vowed to nearly double bank lending to designated property projects to four trillion yuan ($561 billion) by the end of 2024.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw000b3b6kqv7p2nwh@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In January, China unveiled a \u201cwhitelist\u201d of construction projects, which allowed banks to provide them with loans to help get them to the finish line and into the hands of buyers.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw000c3b6kgoedu81c@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201c(We\u2019re) full of confidence in the recovery of real estate market, and we will focus on implementation in the future,\u201d said Housing Minister Ni Hong.\n    <\/p>\n<div data-uri=\"cms.cnn.com\/_components\/image\/instances\/cm2cu2duv00113b6ksyonlrix@published\" class=\"image image__hide-placeholder\" data-image-variation=\"image\" data-name=\"2024-10-17T025019Z_989176531_RC22MAAA901R_RTRMADP_3_CHINA-ECONOMY-PROPERTY.jpg\" data-component-name=\"image\" data-observe-resizes=\"\" data-breakpoints=\"{\" image--eq-extra-small=\"\" data-original-ratio=\"0.6666666666666666\" data-original-height=\"1600\" data-original-width=\"2400\" data-url=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2024-10-17t025019z-989176531-rc22maaa901r-rtrmadp-3-china-economy-property.jpg?c=original\" data-editable=\"settings\">\n<div class=\"image__container \" data-image-variation=\"image\" data-breakpoints=\"{\" image--eq-extra-small=\"\">\n       <picture class=\"image__picture\"><source height=\"1600\" width=\"2400\" media=\"(min-width: 1280px)\" srcset=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2024-10-17t025019z-989176531-rc22maaa901r-rtrmadp-3-china-economy-property.jpg?q=w_1110,c_fill\/f_webp\" type=\"image\/webp\"><source height=\"1600\" width=\"2400\" media=\"(min-width: 960px)\" srcset=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2024-10-17t025019z-989176531-rc22maaa901r-rtrmadp-3-china-economy-property.jpg?q=w_1015,c_fill\/f_webp\" type=\"image\/webp\"><source height=\"1600\" width=\"2400\" media=\"(min-width: 480px)\" srcset=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2024-10-17t025019z-989176531-rc22maaa901r-rtrmadp-3-china-economy-property.jpg?q=w_1160,c_fill\/f_webp\" type=\"image\/webp\"><source height=\"1600\" width=\"2400\" media=\"(max-width: 479px)\" srcset=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2024-10-17t025019z-989176531-rc22maaa901r-rtrmadp-3-china-economy-property.jpg?q=w_680,c_fill\/f_webp\" type=\"image\/webp\"><img decoding=\"async\" src=\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2024-10-17t025019z-989176531-rc22maaa901r-rtrmadp-3-china-economy-property.jpg?q=w_1110,c_fill\" alt=\"Chinese Housing Minister Ni Hong attends a press conference on the property sector in Beijing, China, on October 17, 2024.\" class=\"image__dam-img image__dam-img--loading\" onload=\"this.classList.remove('image__dam-img--loading')\" onerror=\"imageLoadError(this)\" height=\"1600\" width=\"2400\" loading=\"lazy\"\/><\/source><\/source><\/source><\/source><\/picture>\n    <\/div>\n<\/div>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw000d3b6kuxtkifdb@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Xiao Yuanqi, deputy director of the Financial Supervision Administration, added at the event that as of October 16, the approved loans for the \u201cwhitelist\u201d real estate projects had already reached 2.23 trillion yuan ($313 billion).\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw000e3b6k038g16bj@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The ailing property sector is widely believed to lie at the root of China\u2019s numerous economic woes. The sector once accounted for as much as 30% of economic activity. Currently, it makes up about a quarter of the Chinese economy and 70% of household wealth.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw000f3b6k1a07qdv2@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In September, central bank governor Pan Gongsheng sought to address widespread concern about stalling growth by announcing cuts to one of its key lending rates, the seven-day reverse repo rate, from 1.7% to 1.5%. It also cut the reserve requirement ratio for banks by half a percentage point, which would free up about 1 trillion yuan ($142 billion) for new lending.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw000g3b6k90golwu3@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            He additionally revealed cuts to existing mortgages and lowered the minimum mortgage downpayment from 25% to 15% for second-time homebuyers. The real estate market began to cool in 2019 and fell into a deep trough about two years later, after a government-led clampdown on developers\u2019 borrowing.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2ctqkmw000i3b6kksf9wcyz@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The resulting crisis has resulted in a precipitous fall in real estate prices and loss of confidence among consumers. Individuals and companies have been trying to preserve their wealth by selling assets and cutting consumption, as well as investment, which has dealt a blow to economic growth.\n    <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnn.com\/2024\/10\/17\/business\/china-economy-housing-loans-hnk-intl\/index.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Editor\u2019s Note: Editor\u2019s Note:\u00a0Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world. Hong Kong &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=115251\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-115251","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/115251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=115251"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/115251\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=115251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=115251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=115251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}