China central bank chief says property crisis over, market now stable

• PBOC governor says China's property crisis has abated, market has "solid foundation" for stability • Comments come amid debt issues for major developer China Vanke, sparking default worries • Property was 25% of economy, but new rules in 2021 restricted lending, causing liquidity crisis • Housing data still shows slump persisting - sales down 29% and investment fell 9% in 2023 • PBOC head insists economy on upward trend capable of achieving 5% growth target for 2024