China reshapes housing provident fund management rules as property market enters new phase

China on Tuesday announced a decision to revise its regulations regarding housing provident fund management, in the latest effort to adapt the long-standing housing finance system to a property market entering a new development phase. The revised regulations, set to take effect on Sept. 20, will expand the scope for withdrawals, improve the efficiency of fund management and related services, strengthen risk prevention, and extend coverage to a broader range of workers, among other measures.

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