China Extends Rescue Package for Property Sector to 2024 amid Slow Recovery

China’s central bank decided to extend some stimulus policies that support the property sector until the end of 2024 as the current rescue packages fail to gain traction to revive the sector.

The People’s Bank of China (PBOC) made an attempt to rescue the sector last November with 16 supporting measures for the cash-strapped property sector. The measures include loan repayment extensions which was expected to ease a liquidity crisis in the sector.

The market is expecting more solid stimulus measures to be announced in July’s meeting of the politburo.