Beijing Cracks: Mortgage Boycott Prompts China To Launch Multi-Billion Property Rescue Fund

• Beijing Cracks: Mortgage Boycott Prompts China To Launch Multi-Billion Property Rescue Fund
  by Tyler Durden, https://www.zerohedge.com/
  With Chinese property sentiment sinking from bad to worse amid the growing mortgage boycott – which for now remains contained affecting about 1%-2% of China’s $5.8 trillion in mortgages. but spreading rapidly – and Goldman observing over the weekend that over 70% of Chinese property junk bonds (as there are virtually no investment grade bonds left in China real estate) are trading below 35 cents…
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  … on Monday, Chinese property stocks and dollar bonds rallied sharply after a reported move by Beijing to establish a fund to support developers fueled optimism about a turnaround for the struggling sector.  A Bloomberg Intelligence index of the country’s real estate firms jumped 1.7%, the most in a week…
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