BEIJING, March 5 (Reuters) – Warning that risks remain in the property market, China’s government said in a report released at parliament’s annual opening on Sunday that it would promote the sector’s stable development and prevent disorderly expansion by developers.
Premier Li Keqiang made guarding against risks to top property developers one of the government’s priorities this year, amid still cautious buyer sentiment, following through on the work done at a key economic meeting in December.
“There are more potential risks in the real estate market and some small and medium-sized financial institutions are exposed to risks,” Li said in the government’s work report for 2023.
Since mid-2021, the property sector has grappled with a liquidity crisis, with many developers defaulting on, or delaying, debt payments as they struggle to sell apartments and raise funds. Around half of the 30-odd Chinese developers listed in Hong Kong have defaulted on or