> China sets up loan scheme for low-income housing / 34RW4XA
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China sets up loan scheme for low-income housing / 34RW4XA
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Description
Senior Chinese officials announced that the government is setting up a loan scheme for low-income housing totalling 300 billion yuan ($41.5 billion), one of several moves by Beijing to lift the ailing housing market out of an unprecedented debt crisis. Property and construction accounts for more than a quarter of gross domestic product, but the sector has been under unprecedented strain since 2020, when authorities tightened developers' access to credit in a bid to reduce mounting debt. IMAGES AND SOUNDBITES