21 January 2019

Wenzhou banks, court auction repossessed homes, paper says

Banks and courts in Wenzhou, Zhejiang province, have put repossessed homes up for sale on Alibaba Group’s e-commerce website Taobao, the 21st Century Business Herald reported Friday. Bids have opened for 3,900 homes in Zhejiang, with more than 1,000 in Wenzhou alone, the paper said. Property prices have plummeted since the government unveiled harsh measures in 2011 to curb speculation. Banks and courts also set up a financing platform to help buyers pay for the homes in installments, according to the report.

– Contact HKEJ at [email protected]



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