China's real-estate market is in such a slump that cities are offering discounts for group purchases and tasking civil servants with selling apartments
reported in July. The practice is ongoing, according to an Insider review of local news media reports.
Such collective buying is taking place primarily in smaller cities with high numbers of readily available housing, according to The Paper. At the time, the city of Huanggang in the central province of Hubei was giving a discount of at least 3% to any group with at least 20 buyer, per the media outlet.
Meanwhile, a video of a Communist Party official urging people to buy more apartments in the southern province of Hunan has."If you've bought one, then buy two. If you've bought two, buy three. If you've bought three, buy four," said Deng Bibo, a county party secretary of China's Hunan province, at a real-estate fair on Tuesday. Deng addressed party cadres and leaders in his speech.
China's leadership appears to be taking the lead in trying to shore up the country's property market, as some civil servants in the small eastern city of Sixian have been tasked with selling properties to their family and friends,"Civil servants should mobilize their friends and relatives to take practical action towards purchasing homes," the Sixian government reportedly told civil servants.
The moves come as China's developers and authorities try all means to boost sales in the depressed market. Recently, some desperate developers have beenSign up for notifications from Insider! Stay up to date with what you want to know.
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