Zhengzhou Plans Property Bailout Fund to Ease Mortgage Strike
(Bloomberg) — The Chinese city facing the most boycotts by homeowners angry about delays in building housing units is setting up a bailout fund to help cash-strapped developers complete projects.
Henan Asset Management Co. and government-backed developer Zhengzhou Real Estate Group will jointly set up a fund for the real estate sector, the provincial asset manager said in a statement dated Tuesday on its website, without providing further details. Henan in central China has a population of 100 million.
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