China announces new measures to revive property market

The Chinese government is working to revive the country's slumping property market. New measures reportedly include having local governments purchase unsold homes and provide them as affordable housing.

The state-run Xinhua news agency says Vice Premier He Lifeng unveiled the plans on Friday.

He reportedly said local governments in regions with plenty of housing stock will be able to buy some homes at reasonable prices and offer them to people with low incomes.

Real-estate investment from January to April fell 9.8 percent in China from the same period last year. New-home sales dropped 20.2 percent based on floor area.