Image: Reuters Berita 24 English - According to three sources with firsthand knowledge of the situation, Zhengzhou, China's centre city...
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| Image: Reuters |
Berita 24 English - According to three sources with firsthand knowledge of the situation, Zhengzhou, China's centre city, has begun to distribute home purchase coupons to citizens displaced by its shantytown rebuilding programme.
According to Reuters, residents must purchase homes within 12 months after receiving vouchers.
The developer can give the vouchers to the authorities in exchange for monies once the property purchase contracts are signed, according to the sources.
The housing regulator in Zhengzhou did not immediately reply to a request for comment from Reuters.
In March, Zhengzhou, a city of roughly 12 million people, announced that shantytown redevelopment projects will be implemented within three years, with displaced families receiving cash compensation.
The property market in Zhengzhou has been in decline since the summer of 2021, with new home prices falling for the tenth month in May, in line with a nationwide slowdown.
According to China Real Estate Information Corp (CRIC), an independent property advisory service, Zhengzhou's stock of new residences reached at 13.59 million square metres in April, up 36% year on year, with a 34-month destocking time.
This year, Zhengzhou has taken measures to boost property demand, including rebates, lower down payments, and lower mortgage rates.
