China’s latest attempts to prop up its stalling property market is expected to provide a “modest boost” to property sales, according to BNP Paribas. Last week, The People’s Bank of China (PBOC) announced that it is setting up a Rmb300 billion ($42 billion) fund of relending to support local governments and banks for the purchases of unfinished homes, with the aim of then providing them as low cost housing when finished.
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