Results for: Property sector

China’s economic growth slowed to 4.6% in the July-September quarter, marking the weakest pace since early 2023, despite recent efforts to boost consumer demand and revitalize the ailing property sector. The latest data released by the Chinese government revealed the world’s second-largest economy struggling to meet the official target of “about 5 per cent” growth for 2024, a target many analysts consider ambitious without more significant measures. The ongoing slump in the property sector continues to pose a significant challenge for China as it tries to spur economic recovery.

China has announced a series of unprecedented measures to stabilize its struggling property sector. The measures include allowing local governments to purchase unsold apartments, relaxing mortgage rules, and pledging to complete stalled construction projects. The move is seen as a major intervention by the government to address the growing crisis in the property sector, which has been a major drag on the Chinese economy.