Chinese city desperate for home buyers entices villagers with job prospects

BEIJING: A the southern part of Chinese city is sending officials in order to neighbouring villages in order to drum up interest in its unsold homes and offering to assist find jobs for individuals who buy an apartment, like a deepening property malaise grips China’s small cities.

Yulin, a city of 5. 8 mil known for its annual summer dog meats festival, will suggest a home buyer for more than three tasks, The Economic Observer, a weekly paper, reported on Sunday (Jun 26).

First-time buyers will also be offered subsidies.

Yulin city government officials could not instantly be reached for comment.

The particular Yulin city federal government hopes to sell 6, 000 housing devices to villagers this year, the paper stated, pointing to the failure in urban need.

But non-urban residents in the Guangxi autonomous region, which includes Yulin, on average receive only about 5, 000 yuan (US$748) a year, less than half of exactly what urban residents create, official statistics display.

Yulin’s city servants have also been informed to persuade their particular relatives and buddies to buy properties to assist meet the target, it said.

Yulin is not alone in taking unusual steps to lure home customers. In a city in central China’s Henan province, a desperate developer has agreed to take wheat and garlic as part of the deposit for properties.

Property markets within China’s third- plus fourth-tier cities stay bleak even after procedure for stimulate weak requirement, with new house prices falling to get a ninth consecutive month in May and inventories rapidly ballooning.

The oversupply is specially severe in Yulin, where the destocking cycle is more than ten years, according to a real property company cited by The Economic Observer, compared with up to three years normally in China.