New destocking policies released in Shenyang

Customers hardly can be found in the sales center at Vanke Mid Town. [Photo by Tang Huapai/for chinadaily.com.cn]

Shenyang released new destocking polices to encourage new graduates to buy houses with their parents' housing accumulating funds.

According to the regulation, students graduating from universities and colleges within eight years can use their parents' money to buy their own apartments.

A source close to local government explained that it aims to help ease new graduates' financial burdens and enable them to make a down payment. However, it aroused hot debate about the real estate downturn in the industrial base that's suffered an economic setback since last year.

According to an analysis by Cric, the real estate inventory in Shenyang was 28.74 million sq m by the end of 2015, ranking it among the top 29 key cities in China. It will take 20 months to destock.

"It is understandable that local government is under pressure. But I prefer to purchase a home through my own efforts," said Li Fangfang, a senior at Shenyang Normal University.

A source close to the market disclosed that Vanke, New World Land and Hang Lung have hardly met their sales targets in recent years. The companies could not be reached for comment.