China's Xi and top leaders call for halting real estate decline, responding to public concerns

Published On Sep 26, 2024, 5:22 AM

Chinese leaders are calling for measures to stop the decline in the country’s real estate market, reflecting growing public concern. This includes strengthening fiscal and monetary policies and addressing issues like employment and local government revenue. Following these calls, stock prices in mainland China and Hong Kong rose sharply, particularly among property stocks. However, the meeting did not disclose specific measures or timelines, and the real estate sector, once a substantial part of China's economy, has been in decline since 2020 due to government crackdowns on debt. Analysts suggest the focus is on stabilizing the housing market rather than directly boosting prices.