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China Unveils Plan to Bolster Real Estate, Ensure Growth
In its latest effort to maintain an annual economic growth rate of 8%, China announced new plans to stimulate the country’s ailing real estate sector.
Beijing said the new stimulus package will benefit 7.5 million low-income urban families and 2.4 million households located in the more remote countryside.
China pumped $387.5 billion into real estate development over the first 11 months of the year, up 22.7% from the same period in 2007. However, residential sales fell 18.8% year-over-year, despite the investment.
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