Heilongjiang cuts land sales, offers buyers subsidies

Hong Kong

THE government of China's northernmost province Heilongjiang said it aims to reduce a housing glut to a "reasonable level" by 2018 through restricting land sales and offering subsidies to rural folk looking to buy homes in urban areas.

Heilongjiang, a traditional heavy industry powerhouse that shares a border with Russia, is one of the many Chinese provinces hit by huge housing overhangs as economic growth slows. China's government has set destockin…