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Local SOE To Stabilise Housing Market - Yicai

CHINA PRESS
MNI (Singapore)

Jinan City Development Group, a state-owned property developer in Shandong province, will buy 3,000 homes and use them for affordable rental housing to relieve pressure on local property developers and stabilise the housing market, Yicai.com reported. Since buyers started a mortgage boycott on unfinished projects in early July, localities have pushed to ensure delivery of unfinished projects through bailout funds and by promoting mergers and acquisitions by asset management companies. Large-scale home purchases by state-owned developers could bolster the market but that would require them to lower their criteria for property acquisitions, the newspaper said citing an unnamed insider.

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