Buyers from mainland China bought about a fifth of 425 luxury units costing more than S$5 million ($3.52 million) between January and August this year, estate agents say.

China's central bank published a statement on its website on Thursday allowing local governments to cut mortgage rates for first-time home buyers in some cities.

A huge package of treasury bonds will be issued in the fourth quarter to revive the country's lagging economy, while over $110 billion in support will be targeted at infrastructure projects.

CIFI's shares plunged over 32%. Investors were shaken by the sector crisis reaching CIFI, one analyst said, as it was considered one of China's few resilient private developers.

Evergrande has "introduced" Shenzhen Longgang Ancheng Investment Operation to four developments in Longgang district, to help ensure delivery of homes to buyers

Covid restrictions have disrupted China's supply chains, industrial and services production, domestic sales and exports, the World Bank said

Struggling Beijing developer Sunac is moving to delay repayment for a 4-billion-yuan ($558m) bond for a third time by pushing the deadline back by six months, sources said

The buyers come from a group who have moved into "rotting" apartments out of financial necessity and to pressure developers and local authorities to complete them

The state-owned lender said in a statement late on Friday that it plans to invest in real estate projects and turn them into affordable rental houses.

The decision came after Hong Kong banks raised their best lending rate by 12.5 basis points on Thursday

Developers that have already missed debt repayments may not qualify for the programme, industry sources said to Caixin Global.

The rumoured move comes after loans secured by Evergrande Property Services were diverted to the parent group