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We study the dissipative dynamics of a one-dimensional bosonic system described in terms of the bipartite Bose-Hubbard model with alternating gain and loss. This model exhibits the $\mathcal{PT}$ symmetry under some specific conditions and features a $\mathcal{PT}$-symmetry phase transition. It is characterized by an order parameter corresponding to the population imbalance between even and odd sites, similar to the continuous phase transitions in the Hermitian realm. In the noninteracting limit, we solve the problem exactly and compute the parameter dependence of the order parameter. The interacting limit is addressed at the mean-field level, which allows us to construct the phase diagram for the model. We find that both the interaction and dissipation rates induce a $\mathcal{PT}$-symmetry breaking. On the other hand, periodic modulation of the dissipative coupling in time stabilizes the $\mathcal{PT}$-symmetric regime. Our findings are corroborated numerically on a tight-binding chain with gain and loss.