The Central Bank of China will use $42 billion to buy back unsold new buildings, which will then be converted into affordable housing.

Did China not get the memo that is was supposed to collapse?

It must be so nice to live in a functional country

but at what c-

oh, 42 billion.

Pls sir, Mr. Xi, may I move to China and live in one of these houses?

Clear proof that the Chinese economy is collapsing, just wait and see

Hope they paid "market value" and not inflated prices

Is there a paywalless version of this article? If it's Chinese version is also suffice since I can read in Chinese. Needless to say, this new is especially encouraging to see when it's coming from a well-respected press in China. Even as an observer that is critical of China government, it is an especially good move from the them, just that I'm still hesitate to trust their local counterpart. As I've learnt more and more about China history after the overthrown of KMT, local bureaucrats always find a way to sneak pass through the legislation and suggestion from the central committee and fuck it up either for show or their own benefits. I wish this time it'll result in a successful financial move cuz I'm really worry about local citizens of their financial stress after the crash of major housing developers.