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Output in the real estate industry, a key economic contributor, contracted 7% in the second quarter from a year ago
(Bloomberg) — China’s bank and property stocks rose after regulators sought to defuse a growing consumer boycott of mortgage payments by urging banks to increase lending to developers so they can complete unfinished housing projects.
The China Banking and Insurance Regulatory Commission (CBIRC) issued guidance in response to the boycotts aiming to expedite the delivery of homes to buyers, a newspaper published by the commission reported Sunday, citing an unidentified senior official at the agency.
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