Beijing tells bankers to help home buyers

HONG KONG: China has urged financial institutions to help local governments stabilise the rapidly-cooling housing market and protect the rights of some home buyers, another signal that authorities are worried about fallout from the debt crisis at China Evergrande Group.

At a meeting chaired by central bank governor Yi Gang, authorities told financial institutions to cooperate with governments “to jointly maintain the steady and healthy development of the real estate market and safeguard the legitimate rights and interests of housing consumers,” according to a statement by the People’s Bank of China (PBoC).