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Chinese cities arrange group home buying to try to boost market

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BEIJING - Chinese cities, desperate to boost home sales, have over the previous month arranged for residents, including civil servants, to group together to make property purchases, a government-back

ed newspaper reported on Wednesday .

It reported that at least nine cities have started to require state companies and other entities to arrange collective home purchases with certain discounts since last month . The central city of Huanggang with 5.9 million people, last week required state institutions and large firms to organise groups of more than 20 employees for home purchases, with a discount of no less than 3 per cent of each home price, according to a notice published on the government website on June 28.

 

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