China is considering a proposal to have local governments across the country buy millions of unsold homes, people familiar with the matter said, in what would be one of its most ambitious attempts yet to salvage the beleaguered property market.
Officials are still debating details of the plan and its feasibility, the people said, adding that it could take months to be finalised if China’s leaders decide to go ahead. The housing ministry didn’t respond to a request for comment. Investors have been awaiting details of the government’s next moves after the ruling Communist Party on April 30 vowed to explore new approaches to ease the real estate crisis. The Politburo, composed of China’s 24 most-senior leaders, said the country was studying ways to “digest” the existing stockpile of homes.The CSI 300 Real Estate Index, which tracks seven mainland-listed major developers, jumped 5 per cent after the report. Offshore yuan and Australian dollar edged higher.
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