Thu 07/28/2022 21:13 PM
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China has launched a pilot real estate relief program, with state-owned China Construction Bank setting aside RMB 50 billion ($7.41 billion) for acquiring uncompleted property development projects and turning those into affordable housing, according to three sources familiar with the matter.

The selection of China Construction Bank as the pilot bank has both symbolic and realistic significance. The bank pioneered the origination of home mortgage loans in the 1980s and dominated the domestic
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