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China's cities offer gift cards and tax cuts to revive housing market

Unsold condo inventories reach highest level in over 5 years

Unsold new condominiums in 100 major Chinese cities have reached the highest level since July 2016.   © Reuters

BEIJING -- The southern Chinese city of Guilin announced an unusual incentive to energize its property sector in December: vouchers for not only homebuyers, but also top-selling developers.

The city distributed up to 300,000 yuan ($47,100) worth of vouchers to three companies that sold the most newly built condos there that month. Homebuyers received vouchers equivalent to 1% of the transaction price, usable when buying appliances and cars in the city until the end of March.

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