Chinese cities have promised subsidies and other incentives to prop up the ailing property sector but have failed to deliver, frustrating potential homebuyers.
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.
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.
But the real estate downturn also affects the ability of cities to lease land to developers, a key revenue source.
This meant some local governments were unable to raise funds to pay the promised subsidies, frustrating buyers and casting doubts over future support measures.
Persons:
Amy Wang, Wang, Christopher Beddor, Gavekal
Organizations:
People's, Communist Party
Locations:
Hangzhou city, Zhejiang province, China, Weifang, Shangqiu