Chinese cities have promised subsidies and other incentives to prop up the ailing property sector but have failed to deliver, frustrating potential homebuyers.
A newly built property is seen from the air in Hangzhou city, Zhejiang province, China , Dec. 15, 2023. Amy Wang was counting on a 100,000 yuan subsidy promised by authorities in the eastern Chinese city of Weifang to fit and furnish an apartment she bought two years ago. Still waiting for the money, she is yet to move in.
Weifang, with a population of more than 9 million and an economy larger than Croatia's, and dozens of other Chinese cities, have promised subsidies and other incentives to homebuyers to prop up the ailing property sector. Authorities in many of the cities have replied on the same platform, which requires users to register with their identification documents before posting.
In March, the human resources department of Weifang's High-tech Industrial Development Zone said their district has "partially disbursed" the subsidies and more payments were being processed.
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