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BHP CEO Mike Henry said he expects China's property sector to rebound in the upcoming year on the back of favorable government policies.

While acknowledging that the country's property sector is a "weak point" for steel demand, Henry is optimistic about the suite of measures the Chinese government has announced recently.

"The government has enacted policies recently that are meant to support the property sector… We expect that we could see a turnaround in the property sector in the year ahead," Henry said.

In recent months, China has rolled out a slew of measures aimed at stabilizing the country's property sector, which once purportedly accounted for about 25% to 30% of the country's GDP. For example, Beijing scrapped the nationwide minimum mortgage interest rate and reduced the minimum down payment ratio for first-time buyers to 15%, compared to 20% previously.

In May, the central bank also announced it would allocate 300 billion yuan ($42.25 billion) to financial institutions to lend to local state-owned enterprises for purchasing unsold apartments that have already been completed.

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