Strained Chinese cities struggle to pay home buying subsidies
Amy Wang was counting on a 100,000 yuan ($13,800) subsidy promised by authorities in the eastern Chinese city of Weifang to fit and furnish an apartment she bought two years ago. "I feel under a lot of pressure," said Wang, who works in electronics manufacturing, and bought the bare shell of her apartment, without floors, interior walls or other fittings - which is common in China. 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 ...
Source: yahoo.com
