-- China’s government plans to hold a meeting with key officials on Friday morning to discuss the property market, including a proposal to clear excess housing inventory, according to people with knowledge of the matter.Dow Average Touches 40,000 Before Pulling Back: Markets Wrap
Spiraling declines in property prices are adding to the urgency. Official data Friday showed that home prices in April recorded the steepest month-on-month drops in a decade. New-home values slid 0.58% from March, while existing-home prices plunged 0.94%. From a year earlier, prices of new and used properties fell by a record.
A Bloomberg gauge of Chinese real estate stocks rose as much as 7% in Friday morning trading, following an 11% gain on Thursday. The index has jumped more than 60% since mid-April on optimism that policymakers will take more steps to revive the market.
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