China is considering directing centrally controlled state-owned enterprises and government-backed bad-debt managers to purchase unsold apartments from financially stressed developers, according to people familiar with the deliberations. The prospective programme would mark one of Beijing’s most direct interventions yet to clear excess housing inventory and shore up a property market that has been in decline for five years. The discussions come as liquidators of China Evergrande Group—whose 2021 default triggered a broader credit crunch—have hired bankers in a renewed attempt to sell the developer’s property-management arm after previous efforts faltered. Evergrande’s liquidation and recent delisting in Hong Kong underscore the industry’s prolonged distress. Property investment nationwide fell 11% in the first half of 2025, Reuters reported, and President Xi Jinping’s administration has so far resisted the large-scale stimulus measures deployed in earlier downturns. Mobilising SOEs to absorb unsold stock would signal a shift toward more active support while allowing local governments time to pursue city-specific housing policies.