Chinese officials have expressed deep concern about the deteriorating real estate market and have announced measures to address the issue. The government plans to intervene by purchasing a portion of the surplus housing stock and has relaxed mortgage regulations to stimulate demand. This move follows a decline in home purchases and a series of unsuccessful attempts to revive the housing market. The vice premier suggested that local governments could buy empty homes to provide affordable housing, similar to the Troubled Asset Relief Program in the United States. Additionally, the central bank has reduced mortgage interest rates and lowered down payment requirements to encourage home buying. Despite these efforts, official data indicates a significant oversupply of unsold homes and a sharp decline in prices. The housing crisis has been exacerbated by excessive borrowing and overbuilding by developers, leading to a series of high-profile defaults in the industry.