Caixin
Dec 22, 2021 08:55 PM
ECONOMY

China’s Local Governments Roll Out Subsidies to Juice Sales in Struggling Property Sector

Property projects under construction in Harbin, Heilongjiang province, on Dec. 21. Photo: VCG
Property projects under construction in Harbin, Heilongjiang province, on Dec. 21. Photo: VCG

China’s property sector, a pillar for economic growth, has been crippled by the central government’s deleveraging campaign, with major developers such as Evergrande mired in debt. As policymakers move to restore the property sector, local governments have started to roll out measures to prop up the industry.

In the northeastern rust-belt province of Heilongjiang, the Department of Housing and Urban-Rural Development convened a meeting on Monday to study and deploy work to “pull out all stops to restore the real estate industry,” an official announcement published that day showed.

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