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China Announces Property Financing Support Measures

Bloomberg Markets •
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China unveiled sweeping measures to boost financing support for developers, marking its latest attempt to put a floor under the nation’s property crisis. Developers which agree to sell residences after completion will collect a small deposit only from homebuyers, the housing ministry, the Ministry of Natural Resources and the National Financial Regulatory Administration said in a joint statement on Friday. Meanwhile, if a developer fails to deliver homes on schedule, the buyer has right to terminate the deposit contract.