China Hands Out Housing Vouchers to Aid Real Estate Recovery
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A rundown of the news making headlines in and around China:
Housing vouchers: China has introduced housing vouchers to accelerate urban village redevelopment. Displaced residents can use the vouchers to purchase new homes, with developers reimbursed later through policy bank loans. This approach aims to stimulate demand in the housing market while alleviating local fiscal pressures. In the past, cash-strapped local governments have struggled to cover rental subsidies for displaced residents before the delivery of resettlement housing, which slowed redevelopment. The redevelopment campaign, covering all of the nearly 300 prefecture-level and higher cities in China, aims to revive the country’s sluggish real estate market and overall economy.
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- China introduced housing vouchers to facilitate urban redevelopment and boost the real estate market, especially in nearly 300 cities, addressing fiscal challenges faced by local governments.
- Two state-backed firms will build a $4.5 billion microchip fab in Beijing, using mature chip technologies, with mass production expected by the end of 2026.
- Kuaishou Technology reported a quarterly profit of 3.9 billion yuan, a 24.4% increase from 2024, despite rising expenses, while Guangzhou's summer length reached a record 240 days.
- Kuaishou Technology Co., Ltd.
- Kuaishou Technology Co. Ltd. reported its lowest quarterly adjusted profit for the year, with a 24.4% increase to 3.9 billion yuan for the third quarter. Despite the rise, it was below the results of the first and second quarters due to rising expenses in sales, marketing, and R&D. Additionally, third-quarter revenue increased by 11.4% to 31.1 billion yuan, although the growth rate slightly declined compared to the previous quarter.
- ByteDance Ltd.
- The article references ByteDance Ltd. as the company behind TikTok, with Kuaishou Technology Co. Ltd. being its domestic rival.
- 2024：
- China has introduced housing vouchers to accelerate urban village redevelopment.
- As of Monday, November 18, 2024：
- Guangzhou's summer stretched to a record-breaking 240 days.
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