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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
Add BT as a preferred sourcePublished Mon, Jul 6, 2015 · 09:50 PM
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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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