The mainland’s ailing property sector is expected to recover this year as new government measures take effect. An example of these measures is that the Beijing municipal government has purchased about 1,000 commercial housing units to provide more ‘welfare homes’ to improve living quality.
The Beijing Times quoted Niu Qingshan, head of Chongwen district, as saying: ‘We will help people improve housing problems by different means.’
He said the apartments bought by the municipal government were at least 15% cheaper than other flats in the same district.
The State Council has set a target of 1.3 million homes for low-income families in three years while bolstering the real estate market.
SOHO China chairman Pan Shiyi said the real estate market in the mainland has touched bottom, but it is hard to predict how long the ‘mess’ will last.
Source: The Standard