China is trying to end its ‘epic’ property crisis. The hard work is just beginning
CNN
Beijing has launched its most ambitious plan yet to rescue its property market, a development that investors have eagerly anticipated for months. But it’s far from certain that the measures will work.
Beijing has launched its most ambitious plan yet to rescue its property market, a development that investors have eagerly anticipated for months. But it’s far from certain that the measures will work. The package is centered around Beijing’s adoption of a policy that has already been tested in a major city — asking local governments to buy unsold homes from developers and convert them into social affordable housing. It also features a reduction in mortgage interest rates and downpayment ratios, and more importantly, 300 billion yuan ($41.5 billion) in cheap central bank cash to fund state purchases of unsold properties. The announcement last week swiftly followed an April meeting of the Politburo, China’s top ruling body, indicating that stabilizing the property sector has become a top priority for Beijing as it tries to revive growth in the world’s second biggest economy. “The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. “The new rescue plan demonstrates the policymakers’ resolution to turn things around.” While the urgency is welcome, experts say the current package may be far too small in scale to be effective and could suffer problems with funding. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion).
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
The United States and China agreed to pause tariff hikes on each other’s goods for an additional 90 days, according to multiple reports citing White House officials. Without the agreement, tariffs were set to immediately surge, risking a return to ultra-high levels that had formed an effective blockade on trade between the world’s two largest economies.
Nvidia, the world’s most valuable company
Ford plans to invest billions in new electric vehicle production, calling it the company’s “next Model T moment.”
Elon Musk’s Tesla has applied to the British energy regulator for a license to supply electricity to households in the United Kingdom.
AOL, an internet pioneer that brought millions of Americans online for the first time, is discontinuing its dial-up service next month.
South and Southeast Asian countries are caught in the crossfire of Trump’s trade war and are now facing some of the highest tariffs in the world
President Donald Trump recently made his boldest claim yet in his longstanding promise to lower drug prices.
American moviegoers are sending a loud and clear message to Hollywood: make critically acclaimed, original horror movies and we will come.
Many of Hollywood’s summer hits have shared one common formula, no matter what the genre: They are either remakes, sequels or part of a franchise.
It’s not just beef that has gotten more expensive. The prices of other restaurant staples like coffee, eggs and cocoa have also ratcheted higher at various points this year.
President Donald Trump recently nominated one of his economic advisers to the Federal Reserve’s top ranks, but his next choice will be far more consequential — and it’s already taking shape.
The global gold market has been thrown into fresh turmoil after a US government agency indicated that bullion would not be exempt from tariffs.
It is the high-octane toy for those who have everything: an underwater jetpack that allows you to zip beneath the surface of the ocean – for as long as you can hold your breath.