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China's effort to reduce leverage at the big developers and curb speculative homebuying has engineered a slump in sales and a spike in corporate defaults.   © Getty Images
Business Spotlight

Chinese property developers see hope in Politburo policy shift

Beijing changed tone on real estate, as on tech, but will it halt the sales slide?

KENJI KAWASE, Nikkei Asia chief business news correspondent | China

HONG KONG -- China's Politburo last Friday electrified tech stocks by signaling a policy shift toward the sector. The party's central political committee acknowledged the "need to enhance healthy development" and declared the "completion of specialized rectification and reform" of tech platforms, causing shares of Alibaba, Tencent and others to shoot up.

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