The Quiet Developers Bailout: China’s Revival of Land-Reserve Bonds

China’s real-estate sector has once again become a testing ground for policy experiments, with officials reviving a discontinued bond program to buy idle land from struggling firms. By doing so, the government hopes to curb future housing supply while offering a lifeline to developers in financial trouble. Though these measures echo earlier attempts to control the market, the strategy has evolved into an unspoken bailout for state developers and local-government financing vehicles alike.

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