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
Beijing
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 handful of local governments are snapping up thousands of empty homes at hefty discounts and re-selling them to the country's poorest households.
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