Local governments in over 100 Chinese cities have accelerated efforts to encourage rural residents to buy a glut of urban homes in lower-tier cities that is still weighing on the country’s economy with measures including tax cuts, subsidized housing loans and cash subsidies, The Wall Street Journal reported. Housing sales rose 6.9% in 2015, but the official figure for completed homes hit a record 452.5 square meters as of the end of Decembers, up 11.2% from the year before. Analysts and housing officials estimate it would take about two years to digest the oversupply in smaller cities where overcapacity is greatest. For more, see CER’s in-depth report.
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