China is grappling with a slowdown that has rattled global markets, with the spotlight now firmly focused on troubled developer Country Garden’s spiralling debt crisis in a sector that contributes to roughly a quarter of the economy
China stepped up measures to boost the country’s faltering economy on Friday, with top banks paving the way for further cuts in lending rates and sources saying Beijing plans further action including relaxing home-purchase restrictions.
Regulators including the housing ministry, central bank and financial regulator in coming weeks will implement measures they have been working on over the past few months under State Council guidance, two of the people said. On Thursday, Country Garden delayed a deadline for creditors to vote on whether to postpone payments for an onshore 3.9 billion yuan private bond until Friday 1400GMT to give bondholders “sufficient time” to prepare for the vote.
China’s new home prices fell for the fourth month in August, according to a private survey on Friday, as the property debt crisis kept confidence at a low ebb despite the string support measures.The central bank said on Friday it would cut the foreign exchange reserve requirement ratio by 200 basis points to 4% from 6% beginning Sept. 15, a move seen aimed at slowing the pace of yuan declines.
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