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Bond Market News
China Mulls State Purchases of Unsold Homes to Help Property Sector
May 16, 2024
China is said to be considering a proposal where local governments’ state-owned enterprises (SOEs) across the country buy unsold homes of developers, as per sources. This is yet another attempt to bring some respite in the property sector. The sources noted that SOEs would likely take loans provided by state banks and use them to purchase unsold homes at deep discounts and then convert them into affordable housing. This development comes after China’s home sales plummeted about 47% from Jan-Apr YoY, with unsold housing inventory at an eight-year high.
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