China's property stocks jumped after the People's Bank of China and the Ministry of Finance announced new measures to boost liquidity for developers. The measures will allow banks to issue loans using operating commercial properties as collateral, valid through the end of 2024. China's property crisis is estimated to take 4-6 years to fully resolve as developers complete unfinished residential projects. Slumping real estate has weighed on China's economy as the sector faces serious debt problems and bankruptcies.
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00:00 It's Benzinga and here's what's on the block.
00:02 China's property stocks jumped after the People's Bank of China and Ministry of Finance announced
00:07 new measures to boost liquidity for developers. The measures will allow banks to issue loans
00:11 using operating commercial properties as collateral, valid through end of 2024.
00:16 China's property crisis is estimated to take four to six years to fully resolve as developers
00:21 complete unfinished residential projects. Slumping real estate has weighed on China's
00:25 economy as the sector faces serious debt problems and bankruptcies. Local government finances have
00:31 also been impacted as they typically rely on land sales to property firms for significant revenue.
00:35 Shares of Hong Kong listed County Garden jumped 2.9%, Logan Group surged 5.1%
00:41 and Longford Group rose 4.6%. For all things money visit Benzinga.com