TOKYO -- China's recent plan to help local governments arrange purchases of unsold private-sector housing comes amid increasingly clear cracks in the finances of municipalities that rely on the property market for revenue.
China debt crunch
China's 'hidden' defaults reflect weak local government finances
State homebuying program aims to revive land sales to cover off-the-books debt
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China's huge stock of unsold housing has led to a steep drop in land-usage sales to developers by local governments. © Reuters
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