Construction site in front of newly built residential buildings in Yongkang, Zhejiang province. Local governments have urged China’s state-owned enterprises to prop up the market, driving land prices to record highs. Photo: Reuters

Government not serious about lower home prices, developer says

Industry players believe Beijing wants land prices to stay high to ensure stable revenue for local authorities despite vows to cool market

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Construction site in front of newly built residential buildings in Yongkang, Zhejiang province. Local governments have urged China’s state-owned enterprises to prop up the market, driving land prices to record highs. Photo: Reuters
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