China Vows to Quicken Buying Unsold Homes for Public Housing
- Part of latest effort to end the nation’s property slump
- Will also step up renting and selling of public housing units
China has long sought to transform the housing market for younger, first-time homebuyers who have been pushed out by spiraling home values.
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China’s housing regulator pledged to swiftly implement a program to purchase unsold apartments and turn them into affordable housing, its latest effort to cushion a record property slump.
The government will also push forward renting and selling public housing units as soon as possible when conditions are right, Vice Minister of Housing and Urban-Rural Development Dong Jianguo said in a briefing in Beijing on Friday. The ministry didn’t unveil a volume target.