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China approves guidelines to boost affordable housing amid property debt crisis

Dated on: Monday 28th August 2023

China's cabinet, chaired by Premier Li Qiang, has endorsed guidelines for the planning and construction of affordable housing. The Xinhua news agency, a state-run media outlet, reported this development. The Chinese property sector is currently grappling with a deepening crisis, marked by an increasing risk of default among certain developers as they encounter difficulties in selling apartments and raising funds.

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