Three red lines? What three red lines?
China’s stunning policy U-turn hasn’t excluded real estate, which in better times powered a quarter of the No. 2 economy. Developers, who the government decided two years ago were overleveraged, were supposed to comply with the three infamous financial limitations by June 2023. Authorities are easing back that deadline now, if not junking it altogether. “Forestalling and defusing risks in the sector is the bottom line,” housing minister Ni Hong said recently.