China Harbin City Gives Incentives to Save Falling Home Market: Yicai

China's northeast city Harbin, the capital of Heilongjiang province, is giving fresh graduates and new residents as much as CNY100,000 incentives and other favorable terms to courage them to buy homes and settle in the city, Yicai.com reported citing the local government. Harbin is joining many other Chinese cities seeking to arrest the falling markets, which reflects a growing divergence in China' regional housing markets, said Yicai.com. Some have published price floors to prevent developers from selling for too cheap and disrupting the markets, said the newspaper. Many Chinese cities now face the challenge of overly bearish housing markets, which cause financial difficulties for developers and impact financial stability, the newspaper said citing analysts. Harbin average new home price slid 0.3% in August from July, or 0.6% lower than a year ago, said Yicai.