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China rejects IMFs $1 trillion housing rescue plan
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industry that's been a major drag on the economy.
The IMF called on China to deploy «one-off» fiscal resources to complete and deliver pre-sold properties or compensate homebuyers, according to an annual review of the its economy published on Friday. It put the cost at 5.5% of GDP over four years. That would amount to almost $1 trillion based on last year's GDP, according to Bloomberg calculations.
«We Should continue to apply market-based and rule-of-law principles in completing and delivering these units,» said Zhang Zhengxin, the IMF's executive director for China. Bloomberg
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