While some parts of this could be seen as a bailout to some of the companies, it is also true that they are building houses for people that already bought them. According to the article they will also cut interest rates on mortgages, which is good for people with a difficult financial situation and "On Saturday, finance ministry officials also announced measures to prop up the property sector, allowing local governments to use funds from special bonds to buy unsold homes and idle land." This seems to also be a good development as the government itself takes back control of some of its land. Instead of a bailout where the government buys debt, they are buying houses and land (that, according to the article, has gone down in price) which is obviously much better.
