China Hints at More Property Support as Economy Takes Priority
- Vice premier says industry is a ‘pillar’ of the economy
- Developer stocks rally on expectations for further help
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China’s government hinted at further support for the real estate sector, with a top policy maker describing it as a “pillar” of the world’s second-largest economy.
Vice Premier Liu He said new measures are being considered to improve the financial condition of the industry and boost confidence, according to a Xinhua report posted on the central government’s website. Liu also quashed concerns that weak housing demand may lead to a long-term slump, saying China is still on a course of “relatively quick urbanization.”