China pledges to buy apartments and finish stalled housing projects

Fresh data showing the fastest drop in new home prices in more than nine years highlighted the worsening state of the market. — Reuters

CHINA yesterday announced plans for local governments to buy “some” apartments and pledged forceful efforts to deliver unfinished homes, as part of a new round of measures to stabilise the crisis-hit property sector.

Earlier in the day, fresh data showing the fastest drop in new home prices in more than nine years highlighted the worsening state of an industry which at its peak accounted for a fifth of economic activity and remains a key drag on growth.