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China's slumping property sector helped by local governments

Beijing's deleveraging push countered by areas desperate for new growth

The central government has been clamping down on China's all-important property sector, hurting the development efforts of local governments.   © Reuters

China's property sector, a pillar for economic growth, has been crippled by the central government's deleveraging campaign, with major developers such as Evergrande mired in debt. Now, as policymakers move to restore the sector, local governments have started to roll out measures to prop up the industry.

In the northeastern rust-belt province of Heilongjiang, the Department of Housing and Urban-Rural Development convened a meeting on Monday to study and deploy work to "pull out all stops to restore the real estate industry," an official announcement published that day showed.

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