China Links Government Funding for Developers to Expanded Surveillance
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Chinese developers receiving government funding over $4.2 million must install surveillance cameras and drones to monitor projects. It's to ensure funds aid struggling property firms.
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China aims to build the world's largest surveillance camera network, with an estimated 500 million cameras, many using facial recognition tech.
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New rules likely to generate little backlash given widespread surveillance across China already.
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Property sector accounts for 25% of economy. Government trying to shore it up amid debt crisis, partly by pushing banks to keep lending.
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Troubles left homebuyers waiting for unfinished properties, frustrating many. Housing vital for social stability in China where it comprises 70% of personal wealth.