00:00 It's Benzinga and here's what's on the block.
00:02 China's property stocks jumped after the People's Bank of China and Ministry of Finance announced
00:07 new measures to boost liquidity for developers. The measures will allow banks to issue loans
00:11 using operating commercial properties as collateral, valid through end of 2024.
00:16 China's property crisis is estimated to take four to six years to fully resolve as developers
00:21 complete unfinished residential projects. Slumping real estate has weighed on China's
00:25 economy as the sector faces serious debt problems and bankruptcies. Local government finances have
00:31 also been impacted as they typically rely on land sales to property firms for significant revenue.
00:35 Shares of Hong Kong listed County Garden jumped 2.9%, Logan Group surged 5.1%
00:41 and Longford Group rose 4.6%. For all things money visit Benzinga.com
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