BEIJING, May 16 — A campaign by Chinese authorities to encourage people to replace their old apartments with new ones is attracting interest, but faces one major hurdle: the...
Domino’s Pizza says leaving customer’s religious insult to cops, will act against staff for posting about case onlineBEIJING, May 16 — A campaign by Chinese authorities to encourage people to replace their old apartments with new ones is attracting interest, but faces one major hurdle: the participants in the scheme are struggling to sell their current homes.
But analysts, real estate agents and developers say buying interest in second-hand homes is very limited, casting doubt over the success of the campaign and suggesting the property sector downturn in China has further to run.“Some people have enquired about the campaign, but so far we haven’t had any successful transactions,” said Qin Yi, a property agent in Shanghai.
“Absent of more innovative tools, such as a property stabilisation fund, the market downtrend will continue.” Most of the cities taking part in the scheme are asking buyers to put down a deposit for a newly built apartment, which they can take back in full after two or three months if they fail to sell their existing homes to finance the purchase. Cities are offering lower taxes and fees for the transaction if completed.
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