Beijing: After prolonged dithering, China has finally announced steps to address the near collapse of its mammoth property sector by allocating billions of dollars to buy back unsold homes and repurchase idle lands to resurrect its bankrupt real estate sector, which once constituted the mainstay of its economic growth.

The People’s Bank of China (PBOC) has announced that it would establish a 300-billion-yuan ($42.25 bn) relending facility for the government-subsidized housing project.