Shandong to buy unsold homes amid property downturn
Beijing
CHINA'S government this year has bought up stocks to stem an equities rout, orchestrated a debt swap for local government to switch loans into bonds, and spent reserves to support the yuan. Now, a provincial government is stepping in to the property market to snap up unsold homes.
An eastern coastal province will buy small and medium-sized residential properties and convert them into public rental homes, according to a Shandong government statement dated Sep 1 and posted to its website on Monday. The government will also purchase or lease commercial buildings that can't be sold for a long time and convert them into kindergartens …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale