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China to encourage REITs, other property products for new economic zone

Reuters
FILE PHOTO: A model showing a residential and commercial compound is seen at a real estate showroom in Yanan, Shaanxi province, China January 3, 2019. REUTERS/Yawen Chen (Reuters)

BEIJING (Reuters) - China's state council said on Thursday it will encourage real estate investment trusts and other property-related financial innovation products for the new Xiongan economic zone south of Beijing, the official Xinhua news agency reported.

The State Council also said various measures will be taken to prevent speculation in the real estate market of Xiongan and surrounding areas, the news agency said, adding that large-scale commercial property development would be banned for Xiongan.

(Reporting by Beijing Monitoring Desk)