China's property sector, which is a significant component of the country's economy, is seeing a significant move in the right direction with the government's latest intervention which seeks to increase affordable housing supply, said Matthew Blake, head of the Center for Financial and Monetary Systems of the World Economic Forum in an exclusive interview with CGTN's Guan Xin. However, Blake cautioned that the sector still faces challenges, underlining the importance of the government's role in setting market direction and ensuring financial stability.

Aside from recent measures China has implemented to support the real estate sector, Blake also discussed China's efforts to develop its real estate investment trusts (REITs) market. He noted that since the first launch in 2020, the REITs market has continued to deepen and broaden, offering greater liquidity and diversification for both institutions and individual investors. However, he stressed that REITs are not a cure-all solution but rather one of many steps necessary to free up the market.