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Key News
Asian equities were higher as Taiwan, South Korea, and Australia outperformed.
China and Hong Kong had a positive day driven by sixteen measures to support the real estate sector, including extending the due date on loans due in 2023 to 2024. The measures aren’t considered a silver bullet, though they should allow distressed property developers to muddle through as measures to stimulate demand are implemented. Real estate and property developers are under the government’s microscope in order to prevent them from causing a financial crisis. It is anticipated further economic support is coming with the month-end Politburo meeting of keen interest.
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