Date
16 October 2017

Lower-tier cities suffer from weak home sales, paper says

Local officials in some of the country’s third- and fourth-tier cities are said to be pushing their employees to help broker sales of newly built private flats on pain of salary deduction, the China Securities Journal reported Friday, citing unidentified sources. Such coercive moves were being taken by local authorities to boost real estate construction under their urbanization program. However, sales of new flats have been sluggish due to oversupply, the report said.  Large numbers of vacant flats, wastage of land resources and high levels of local government debt are common signs among third- and fourth-tier cities undergoing urbanization, analysts were quoted as saying.

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EL/AC/CG

 

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