Sunday, January 4, 2009

Rebound seen in China real estate sector

The mainland's ailing property sector is expected to recover this year as new government measures take effect.

The Beijing municipal government, for instance, has purchased about 1,000 commercial housing units to provide more "welfare homes" to improve living quality.

"We will help people improve housing problems by different means," Niu Qingshan, head of Chongwen district, was quoted as saying in the Beijing Times.

He said the apartments bought by the municipal government were at least 15 percent 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. Beijing's move signals that the central government's directives are being followed.

China Properties News

Craigslist beijing real estate