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China extends some policies to support its troubled property market | CNN Business

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China has extended some policies to bolster its ailing property market, as the country struggles to reignite economic growth.

The move has buoyed the Chinese currency, the yuan, and stock markets in mainland China and Hong Kong, where the benchmark Hang Seng index finished about 1% higher Tuesday. In November, the authorities unveiled a 16-point plan to revive the depressed real estate sector, which accounts for as much as 30% of China’s gross domestic product.

The moves announced Monday are “far from enough [to stabilize] the sector,” he said, adding that the announcement could signal more supportive policies to come. “Looking ahead, we expect to see more easing on the demand side, such as lowering the down-payment ratio and easing purchase restrictions.” Stephen Innes, managing partner at SPI Asset Management, said the measures were a “large step” in helping the property sector deal with liquidity issues.

 

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