Economists urge China to ramp up housing rescue package to propel growth

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Economists urge China to ramp up housing rescue package to propel growth - Business Standard

Quick Summary:

In a sign the slow roll-out of the rescue plan has failed to put a floor under the downturn, new-home prices in China fell 0.73 per cent last month from July, the biggest decline since 2014.

And given the unattractive economics of the plan for local authorities, only 29 cities are heeding the call to help absorb an excess of housing, a fraction of more than 200 urged to participate by the central government.

China has dismissed as risky and overly expensive a proposal — with a price tag of almost $1 trillion — made by the International Monetary Fund to use central government funds to complete unfinished housing on a large scale.