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MNI China Press Digest Dec 22: Supply Chains, Property, CSRC

MNI (Singapore)
MNI (Beijing)

Highlights from Chinese press reports on Thursday:

  • Efforts should be made to maintain strong supply and price stability during festival season, China’s State Council said at an executive meeting. Supply chain issues should be corrected as soon as possible, and the demand for epidemic prevention materials and medication should be adequately met. China will strengthen international cooperation and import urgently needed products, the State Council said. The meeting reaffirmed support for the recent Central Economic Work Conference and said they would supervise local governments to implement policies and measures to stabilise the economy and promote stable growth.
  • China’s real estate market is expected to have a soft landing following recent policies supporting financing, with rates of decline in home starts and construction slowing, Yicai.com reported citing Sheng Songcheng, former director of the surveys and statistics department at the People’s Bank of China. The year-on-year declines in new housing project starts and construction area narrowed by 9.3 and 10.6 percentage points in October, respectively. Market expectations are likely to improve as real estate developers seek new financing and local governments provide support to ensure the delivery of unfinished housing projects, said Sheng. Regulation of the sector is correct, and it is impossible for China to significantly stimulate economic growth through the real estate industry in the future, Sheng added.
  • The China Securities Regulatory Commission (CSRC) said it will support the transformation of the real estate development model, according to a statement posted on its website. China’s top securities regulator said it will help high quality real-estate firms improve their balance sheet, increase access to credit, and support private enterprises to issue bonds and raise equity. It will also accelerate the building of REITs for affordable rental housing and support industry consolidation.
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