Caixin
Dec 24, 2021 08:28 PM
ECONOMY

China’s Smaller Cities Dole Out Incentives to Drive Property Sales

Residential buildings along the Songhua River in Jilin City, Jilin province on Jan. 16, 2021. Photo: VCG
Residential buildings along the Songhua River in Jilin City, Jilin province on Jan. 16, 2021. Photo: VCG

China’s third- and fourth-tier cities, hit hard by the cooling real estate market, are doling out subsidies and tax incentives to encourage people to buy properties, in a bid to reinvigorate their property sector.

Cities across China, including Guilin in the southern provincial-level region of Guangxi and Xinxiang in the central province of Henan, have rolled out subsidies for buying properties or implemented policies to reduce deed tax. The northeastern rust-belt province of Jilin said Tuesday it will guide local city and county governments to carry out subsidizing property purchases. Some regions also provide subsidies to rural residents and certain skilled individuals to buy homes in urban areas.

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