Chinese authorities unveil sweeping measures to rescue property sector

Hong Kong and Chinese markets soared on the announcement that the government would extend loans for distressed developers

Chinese authorities have unveiled sweeping measures to rescue the struggling property sector, as regulators seek to offset years of harsh pandemic curbs and a real estate crackdown that have stalled the world's No 2 economy.

The banking regulator and central bank issued a 16-point set of internal directives to promote the stable and healthy development" of the industry.