Interesting to see the new IMF report (2024 Article IV Consultation, released on Aug 2). Recommendations include a greater intervention in the housing market, with the official response-commentary well worth a read (last 18 pages).

With regard to property - from the summary:

"Directors welcomed the authorities’ ongoing efforts to facilitate the property sector adjustment and boost homebuyers’ confidence. They generally underscored the need for a comprehensive policy package to facilitate a more efficient and less costly transition for the sector. In that respect, Directors called for the timely exit of nonviable property developers and greater house price flexibility. Most Directors also saw scope in the deployment of central government financing to protect homebuyers of unfinished housing, while some noted the associated fiscal costs and the moral hazard implications."

The original doc link:

https://www.imf.org/en/Publications/CR/Issues/2024/08/01/Peoples-Republic-of-China-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-552803