China’s top policy makers said they will scrap cash subsidies for new projects to tear down and redevelop shantytowns in cities with low housing inventory and hot property markets, a further sign that the government is scaling back from a policy that has been a key factor propping up property markets over the past couple of years.
An executive meeting held by China’s State Council on Monday called for cities that see inadequate housing inventory and an upward pressure on housing prices to stop handing out cash subsidies for shantytown redevelopement projects as soon as possible.
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