Reaction from Chinese banks were muted. Hong Kong-listed shares of China Construction Bank and Bank of China were flat, ICBC was up 0.28%.

In November, China’s financial authorities rolled out a 16-step guideline to shore up its housing sector, and “relevant policies” will now be now extended to the end of 2023, the People’s Bank of China announced.

Xinhua reported that the move is to “guide financial institutions to continue deferring loan payments for real estate enterprises, while propping up financial support for the real estate enterprises to ensure the delivery of housing projects.”