More than a year after China’s property crisis began, the government has finally changed its tune on the best way to overcome it.
In its initial stages, which were dominated by the default of heavily indebted real estate developer Evergrande and a host of its peers, widely held expectations of government support failed to materialise.
The liquidity problems had in part arisen because of Beijing’s attempts to discourage the excessive borrowing that had for years dominated real estate development. Companies unable to borrow new money as markets froze on the spectacle of Evergrande’s excess defaulted on the old and construction activity slumped.
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