Sunday, July 14, 2024
HomeBusinessOld for new: China's latest real estate market plan got off to...

Old for new: China’s latest real estate market plan got off to a bad start

A campaign by Chinese authorities to encourage people to replace their old apartments with new ones is attracting interest, but facing one major hurdle: program participants are struggling to sell their current homes.

The campaign, announced at a key political meeting last month, aims to help cities across China offload their growing stock of new apartments and provide crucial cash flow to cash-strapped developers. Since May 6, more than 50 cities have launched their own versions of the “swap old for new” program, according to a private survey by the China Index Academy.

But analysts, real estate agents and developers say interest in buying second-hand homes is very limited, casting doubt on the campaign’s success and suggesting China’s real estate sector decline will continue.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments

Translate »