Chinese President Xi Jinping has ordered local governments to support the struggling property sector, according to state media, as the world’s second-largest economy faces a deepening downturn.
The move comes as property sales have plunged and many developers are facing a cash crunch, weighing on the broader economy. In July, property investment fell 12.3% year-on-year, the biggest drop since February 2020, according to official data.
Xi’s directive, issued at a meeting of the Politburo, the Communist Party’s top decision-making body, on Tuesday, called for local governments to .
