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00:00 A new Chinese attempt to support the real estate sector, which is facing a major crisis
00:07 almost four years ago, a crisis of liquidity and debt for large companies.
00:13 The People's Bank of China, contrary to expectations, or rather more than expectations,
00:18 lowered interest rates for loans for five years, with 25 points of interest or a quarter of a hundred.
00:26 The decrease we saw from the People's Bank of China fell in interest rates below 4%
00:31 and since these rates were approved in 2019, this is the lowest level since 2019 of decreases.
00:42 We have seen the beginning of the real estate crisis since mid-2021,
00:46 and the large debts that large real estate companies have, and crises, and the announcement of bankruptcy,
00:53 and perhaps forcing some companies to go bankrupt.
00:57 The real estate sector represents 20% of China's economy.
01:00 This is not the first time that China has sought to support the real estate sector and real estate companies.
01:05 It had what is called the white list of companies that the government will extend more liquidity to support
01:12 and to try to overcome and pay off debts and bonds, even foreign ones.
01:18 But so far, these different supports have not been successful by Beijing.
01:23 We also look at the new sales volume in 2023, which fell by about 17% on an annual basis.
01:31 This clearly indicates that even consumers are hesitating about the idea of buying new real estate,
01:41 and they are in doubt about the situation of uncertainty by the companies, and perhaps they expect bankruptcy to be announced soon.
01:48 [BLANK_AUDIO]