China Tells Bankers to Support Property Market, Homebuyers
- PBOC asks 24 banks to help keep healthy development of market
- Developer stocks rallied in HK and China; No broad easing seen
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China has urged financial institutions to help local governments stabilize the rapidly cooling housing market and ease mortgages for some homebuyers, another signal that authorities are worried about fallout from the debt crisis at China Evergrande Group.
At a meeting chaired by central bank Governor Yi Gang, authorities told financial institutions to cooperate with governments “to jointly maintain the steady and healthy development of the real estate market and safeguard the legitimate rights and interests of housing consumers,” according to a statement by the People’s Bank of China late Wednesday.