China targets high earners in public sector with group condo discounts

Cities hope to lift sales amid real estate market slump

20221011N china condo construction KYODO

Condominiums under construction in Wuhan, China, in July. There has been a glut of condos due to a sales slump since the summer of 2021. © Kyodo

IORI KAWATE, Nikkei staff writer

BEIJING -- As China's property market suffers from a protracted chill, small and midsize cities are looking to revive housing demand with new discounts for group purchases aimed at workers at well-paying state-owned companies.

Over 20 municipalities across 12 provinces and autonomous regions have launched group-buying incentives since June, Chinese online newspaper The Paper reported. Ten cities, many of them small-to-midsize regional hubs, made announcements in September or later.

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