"China's Housing Minister Prepared to Let Troubled Property Firms Go Bankrupt Amid Real Estate Slump"

China's housing minister, Ni Hong, stated that struggling real estate developers in China will not receive major bailouts and those who harm the interests of the masses will be punished, indicating that insolvent companies must go bankrupt or be restructured according to the law and market principles. The government's focus on investing in high-end manufacturing capabilities has shifted attention away from the struggling real estate sector, which was once about 25% of China's GDP. Premier Li Qiang emphasized the need to foster a new development model for real estate, promoting the building and supply of government-subsidized housing and improving basic systems for commodity housing to meet people's essential housing needs.