Henan City Buys 1,050 Evergrande Flats for Affordable Housing

The city of Kaifeng in central China’s Henan province bought 1,050 flats from a stalled China Evergrande Group project to expand the local supply of subsidized housing while propping up the ailing property market.

The Kaifeng housing authority disclosed Tuesday that it secured 1,950 flats to be added into the city’s subsidized rental housing stock this year. The total includes 1,050 apartments in a residential project of embattled Evergrande in Lankao county. The rest will be built in three new public housing projects.