Chinese Government Uphold Real-estate Price Before 20th Congress

On September 27th, as the 20th National Congress of the Chinese Communist Party (CCP) looms, local governments are required to prevent any real-estate company or financial institution from major failure. In order to create a false prosperity for the CCP’s 20th National Congress, China’s real-estate market has recently rolled out a series of policies to maintain housing prices. 

 On September 26th, the state-owned China Construction Bank established a 30 billion housing rental fund, aiming at promoting rental housing market in the future 10 years. On September 27th, many provincial and city authorities in the country roll out policies and reform roadmap to ensure real-estate developers finish construction and handover properties to the owners. The country’s once booming real-estate market and finance is unlikely to recover to its previous status soon. These relaxed policies are more for propaganda than practice. 

 Although the CCP has introduced favorable policies to stimulate property sales, the real-estate market still struggles. Some people even offer incentives to real-estate agents and managers in order to sell their properties. If the house is successfully sold and transferred, the seller promised 220,000 RMB ($30,000) and an iPhone 14 as additional commission fee.

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