In this article BHP-AU Follow your favorite stocks CREATE FREE ACCOUNT The company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. - The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31.
(Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images) William West | Afp | Getty Images BHP CEO Mike Henry said he expects China's property sector to rebound in the upcoming year on the back of favorable government policies. While acknowledging that the country's property sector is a "weak point" for steel demand, Henry is optimistic about the suite of measures the Chinese government has announced recently. "The government has enacted policies recently that are meant to support the property sector.
.. We expect that we could see a turnaround in the property sector in the year ahead," Henry said.
In recent months, China has rolled out a slew of measures aimed at stabilizing the country's property sector, which once purportedly accounted for about 25% to 30% of the country's GDP . For example, Beijing scrapped the nationwide minimum mortgage interest rate and reduced the minimum down payment ratio for first-time buyers to 15%, compared to 20% previously. In May, the central bank also announced it would allocate 300 billion yuan ($42.
25 billion) to financial institutions to len.