China cuts key interest rates for mortgages – effect on markets evaporates. China has cut key mortgage interest rates surprisingly sharply.
But the step doesn't go far enough for investors according to some analysts. China's government in a quandary over how to deal with the country's real estate crisis. The country's largest developer, Evergrande alone, has accumulated debts of over $300 billion. The People's Republic has had problems returning to the strong economy of before the pandemic. Prices for new buildings recorded sharpest decline in nine years in 2023.