China vows to tackle property crunch with city-specific policies

Chinese officials have committed to stabilizing the real estate sector through city-specific policies, aiming to control new supply and reduce inventory. However, no major stimulus measures were announced, reflecting a cautious approach amid a slowing economy. The government set a modest growth target of 4.5% to 5% for the year. Despite the ongoing property crisis, which has led to significant defaults, analysts predict home prices will continue to decline for at least two more years, with values in major cities dropping over a third from peak levels.