In new plans to revitalize its property sector, China is easing mortgage rules and encouraging local governments to buy unsold homes to develop more affordable housing. The move sent trade of China's Hang Seng Properties Index (^HSNP) climbing higher, as the rescue package comprises an urgent measure to prop up the country's suffering property market.

Housing accounts for about a quarter of China's economy, and prices fell to their steepest levels in over a decade.

Yahoo Finance's Seana Smith and Madison Mills break down China's plans and how they could affect global markets.

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This post was written by Melanie Riehl