China tries drastic measures to boost ailing property sector

China has announced some policies designed to shore up its ailing property sector after the latest data showed housing prices slumped nearly 10% since the start of the year.

China on Friday announced steps hoping to stabilize its crisis-hit property sector, with the central bank releasing an additional 1 trillion yuan ($138 billion, €127.6 million) in funding, as well as loosening mortgage regulation.

As part of the measures, Beijing cut the minimum downpayment for first-time buyers and suggested the government could buy up commercial real estate, as China tries to boost an ailing housing market amid and property developer debt crisis.