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Story summary
- Beijing faces a significant challenge stabilizing its housing market, which is crucial for economic growth.
- The government is weighing direct purchases of unsold housing units to convert them into affordable rentals.
- Despite attention to the property sector, intervention tools are limited and costly.
- New home sales fell 20.8% year-over-year in October, signaling weak demand.
- The core issue is an oversupply of homes and a shortage of buyers, complicating the recovery.
