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A Local Government Urged its Employees to Buy Homes, Help Prop Up Struggling Housing Market

The government of Chikan District in Zhanjiang City, Guangdong Province, China, issued a letter on February 19th urging government employees and state-owned enterprises to buy homes in order to boost the struggling local real estate market. The initiative comes as China’s housing market slump continues and governments at all levels have introduced policies to try to stabilize the property sector.

The letter was sent out by the Chikan District 2024 Lunar New Year Activities Preparatory Committee Command Office. It refers to the current sluggish state of China’s real estate market and says that the Chikan District government has been working on multiple fronts to revitalize the sector, including entering negotiations with real estate firms to offer benefits and discounted “one-price special offer housing” to residents.

The stated goal of the letter was to encourage civil servants and state employees to “take the lead in consumption” and “be the role model” in home-buying so as to revive the real estate industry and restore market confidence. From February 21 to 23, the district will hold a real estate and home decoration exhibition focused on providing preferential housing to potential home buyers, offering deep discounts and concessionary policies.

The letter urges all government organs, enterprises, and institutions to fully mobilize their staff to seize this “favorable opportunity” and proactively purchase housing according to their needs. It also asks them to promote Chikan District to their friends and relatives and encourage them to live in and buy homes in Chikan, sharing in the district’s economic development.

Source: Central News Agency (Taiwan), February 20, 2024