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Unfinished apartment buildings at a residential complex developed by Jiadengbao Real Estate, in Guilin, Guangxi Zhuang Autonomous Region, China, on Sept. 17. STAFF/Reuters Chinese property stocks and bonds soared on Monday as the market cheered Beijing’s “most comprehensive” support measures aimed at boosting liquidity in the sector in its latest attempt to stabilize a key pillar for the world’s second-largest economy. The package, which sources say lays out multiple financing measures for the cash-strapped industry, was hailed by analysts as a “turning point” with one even describing it as the equivalent of “soaking rain after a long drought.” China’s property sector, which accounts for a quarter of the economy, has struggled with defaults and stalled projects, hitting market confidence and weighing on growth. Previous efforts by policy-makers to help ease the cash crunch have done little to bolster the property market. The plan comes nearly a month after Chinese President Xi Jinpin...

The headquarters of the People's Bank of China, in Beijing, on Sept. 30. TINGSHU WANG/Reuters China said on Friday it would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500-billion yuan ($93.3-billion) in long-term liquidity to prop up a faltering economy hit by record COVID-19 cases. The People’s Bank of China (PBOC) said it would cut the reserve requirement ratio for banks by 25 basis points (bps), effective from Dec. 5. The central bank hopes to spur more lending into the economy but analysts are skeptical it could achieve quick results, as new COVID outbreaks throw factories and households into lockdown, with little appetite for new credit, while the outlook for already slower-than-expected growth has darkened. “The reduction … will help banks follow through on a directive to defer loan repayments from firms struggling with widening lockdown restrictions,” Mark Williams, chief Asia economist at Capital Economics, said ...