Beijing unveils sweeping action plan to tackle property crisis [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance
China said it will step in as a buyer for unsold homes in its boldest bid yet to address the country's property market crisis. Real-estate developers have been hit with extensive debts, and some consumers have walked away from purchasing homes. Stock markets rallied following the news, with Hong Kong's Hang Seng Index up 1.6% at the end of trading Friday . Chinese property developers saw an average of a 3.1% surge in stock prices, CNN reported. SIGNALS Semafor Signals: Global insights on today's biggest stories. Program is expensive, and may not revive sector Sources: The Wall Street Journal, Reuters Beijing is hoping to tackle the long-running property crisis head-on. But the cost of purchasing so many homes is huge, and it's unclear how cash-strapped local governments will pay for them: Only the central government or the People's Bank of China would have the capital to buy empty homes en masse, The Wall Street Journal reported. The announcement follows growing calls for
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