Stabilising property

Building confidence: A worker at a property construction site. The authorities are fully aware of the potential risks undermining the property sector. — Bloomberg

SHANGHAI: China’s top regulators expressed their support for stabilising the property sector in meetings on Wednesday, which has greatly boosted confidence and strengthened market expectations, resulting in a broad rally of real estate shares in Thursday trading.

“Regarding real estate enterprises, it is necessary to study them in a timely manner, come up with effective solutions to prevent and mitigate risk, and put forward supportive measures for the transformation to a new development approach,” it was decided at a meeting held by the Financial Stability and Development Committee under the State Council on Wednesday, Xinhua reported.