These developments indicate Beijing is taking a differentiated approach in carrying out its nominally tight property policy, while at the same time reminding investors that the government would support genuine demand only.

WSJ: China Steps Up Support for Parts of Housing Market

But there may be an alternative to the punishment approach that could bring Beijing on board with effective Council action.

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With 1, 300 employees and offices from Barcelona to Beijing, Carlyle has been using a global approach to try to offset the challenge of managing larger funds that has historically bedeviled money managers.

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