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 ailing property sector.
The 30-year-old now pays 6,000 yuan of her 8,000 monthly salary on the mortgage for the 1.1 million yuan apartment and another 1,800 yuan to rent another one, relying on her parents for other basic expenses.
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,.
China reiterated the need to prevent one-sided moves in the yuan, as a resurgent dollar and poor risk sentiment pressure currencies across Asia. | World News