China pledges to maintain stability in property market
The Chinese government insisted on Saturday it would tackle all risks related to the property market to maintain social stability, according to a report published by Xinhua News Agency.
The paper cited the head of the Chinese Housing Ministry, Wang Menghui, who asserted the government would make sure its real estate policies are consistent, especially when it comes to market supervision. Wang also stressed that Beijing will keep cracking down on “speculative investment.”
Earlier this month, Fitch Ratings downgraded the Long-Term Foreign-Currency Issuer Default Ratings (IDR) of property developer China Evergrande Group and its subsidiaries to restricted default (RD), after the company missed the deadline to repay bond coupons.
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