China Puts Money Behind Singapore Model in Major Housing Shift
- ‘Big Project’ push has top political backing and funding
- Plan could remake housing market, but large obstacles remain
Singapore is renowned for a residential market that’s dominated by public housing.
Photographer: Wei Leng Tay/BloombergThis article is for subscribers only.
China plans to take a page from Singapore’s social housing model to help end a multi-year property slump that’s hammered the nation’s consumer confidence and weighed on economic growth.
Beijing has in recent weeks named two “big projects” as the center of its housing policy: building social housing and renovating run-down inner city districts. The projects have top-level political backing and could soon have 1 trillion yuan ($138 billion) or more of central government support behind them.