Too Big or Not Enough? China Housing Bailout Treads a Fine Line

News Snapshot:

China’s plan to address its housing market is important news, but investors should be wary. - Qilai Shen/Bloomberg News There are enough unsold homes in China to house every family in California and New York combined. Beijing might finally tackle the problem with a huge outlay of cash, but investors should curb their enthusiasm. It might not be enough, or it could overshoot and reignite the housing bubble. Beijing rolled out measures Friday to support the sluggish housing market. The most eye-catching move is that it would let local governments buy apartments at “reasonable prices” to use as affordable housing...