In an effort to alleviate concerns about China's real estate sector, the head of the People's Bank for China has publicly cautioned against excessive investment and speculation, as developer Vanke Company faces mounting financial pressures and

Quick Summary:

Pan Gongsheng, governor of the People’s Bank of China, has attempted to dispel concerns over the country’s laggard property market in closed-door talks with executives and financiers.

Real estate, once a pillar industry contributing around a quarter to national economic output, has grappled with a liquidity crisis since 2021, when Beijing’s “three red lines” policy restricted borrowing in the highly leveraged field.

The downgrade further darkened the shadow looming over the sector, initially precipitated by revelations of financial trouble for China Evergrande, Country Garden and many other developers.

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Article Details

Author / Journalist: Sylvia Ma

Category: Business

Markets: Hong KongChina

Topics: Bank Cent China’s Market Financial Sector Property Country’s Governor Year China

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-03-26 @ 18:00:48 (1 months ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 654 words

Reading Time: 4 minutes read

Sentences: 18 lines

Sentence Length: 37 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 20526678

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