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Govt buys unsold homes to help China builders

Units bought at a discount are used for public housing in six provinces, but this may not eliminate glut

Unsold residential floor space in China totalled 657 sq km - the most unsold space in at least two years.


DISMAYED by the millions of unsold homes in China's troubled real estate market, the Chinese government is taking matters into its own hands: by buying some properties and turning them into public housing.

Like a white knight riding to the rescue of distressed developers, a