SHANGHAI -- The major Chinese city of Shenzhen has launched a campaign to snap up unsold homes with the aim of turning them into affordable housing, under a nationwide scheme to reverse the relentless property market downturn.
Shenzhen Public Housing Group on Wednesday said it will solicit the owners of commercial housing in the city to convert their property into government-subsidized "guaranteed housing." The goal is to resell or rent the units at a lower market price. The group is owned by the city's state-owned assets supervision commission.
