China rolls out new measures to fix its property crisis, spur growth

By ELAINE KURTENBACH
AP Business Writer

China has announced fresh measures to revive its ailing property industry after the latest data showed housing prices slumped further in April. Other figures reported Friday showed factory output rose but consumer spending remained lackluster. China’s housing market has slumped after a crackdown on excessive borrowing by property developers, dragging on a wide range of other businesses and slowing growth in the world’s No. 2 economy. The government has cut interest rates and freed up billions of dollars of financing to help financially struggling developers deliver housing already promised and paid for. Local governments are being encouraged to buy apartments that are going unsold due to weak demand to use as affordable housing.