(Bloomberg) -- Chinese authorities have rejected a proposal made by the International Monetary Fund to use central government funds to complete unfinished housing, dealing a blow to hopes for more forceful support to an industry that’s been a major drag on the economy. Most Read from BloombergSinger Akon’s Multibillion-Dollar Futuristic City in Africa Gets Final NoticeValencia Follows Barcelona in Crackdown on Short-Term RentalsUber and Lyft Strike NYC Deal to Scale Back Driver LockoutsWhat a Be

“It would be inappropriate for the central government to directly provide fiscal support, as it could lead to expectation of future government bail-out and therefore moral hazards,” Zhang said.

Ouch, no handouts for the financial bros…😂

  • SadArtemis🏳️‍⚧️
    41·
    1 month ago

    China’s undergoing a (controlled) demolition of its real estate speculation market, returning it back to being an industry and foundation for the people, rather than finance. All the developments are still there, and the actual industry (not speculators, actual productive capabilities) will remain as well, and unlike in the west there’s no mass evictions and impoverishment of the people, either.

    Naturally, the west thinks this is a bad thing and a sign of collapse…