China's once red-hot property market has slowed massively.Liu Junfeng/VCG/Getty Images To drive up sales, some cities in China have come up with unusual measures. They include arranging for residents to make property purchases as a group for discounts. A small city in eastern China is asking civil servants to sell real-estate to family and friends. China's real-estate market is in distress, with home buyers refusing to pay their mortgages and home sales slumping 40% by value in July from a year ago.The developments follow Beijing's crackdown on excessive borrowing in 2020, leading to last year's Evergrande debt crisis, which has since spilled over to other developers.
Similar Stories to China's Real-estate Market Is In Such A Slump That Cities Are Offering Discounts For Group Purchases And Tasking Civil Servants on Bing News
htan@insider.com (Huileng Tan), Business Insider
Fri, 08/19/2022 - 1:27am
Topics: if you liu junfeng/vcg/getty images beijing evergrande huanggang hubei communist party deng bibo china's hunan yicai business insider china july paper insider hunan china's slump cities discounts group purchases civil servants property buy sales friends province city developers bought unusual eastern small drive sixian residents family arranging ongoing depressed year home media buying news reported
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