China’s housing market is still plagued by excess supply of used homes as desperate owners look to cash out amid an economic gloom. Prices may need to drop further, with buyers waiting for bigger discounts, analysts say.
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As the fast-spreading coronavirus outbreak dampens sentiment, sales are expected to take some time to return to pre-Covid-19 levels in Beijing, analysts said.
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In a desperate bid to revive the property market, more than 20 cities have launched schemes encouraging groups of state-sector workers to buy up new apartments at discounts of up to 30%.