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China Takes Measures to Stabilize the Real Estate Market
The Ministry of Housing and Urban-Rural Development in China has pledged to achieve stability in the real estate market by implementing a series of policies primarily focused on improving the supply of housing units.
Housing Minister Ni Hong stated during a national conference held in Beijing that the key measures include controlling the new supply in line with local conditions, utilizing available land resources, and enhancing the availability of government-subsidized housing, as well as providing greater support to meet reasonable financing needs for property developers.
The minister called on local governments to adjust policies as necessary to meet the basic housing needs of residents and their desire for improved living conditions.
Regarding home sales, Ni emphasized the need to encourage the sale of completed new homes to reduce risks associated with delayed deliveries, and to strengthen oversight of down payments on properties sold before completion.
The ministry will also work on improving the housing savings fund system and take steps to enhance property services.
Authorities have previously committed to taking measures to stabilize investment through central government policies and encourage the acquisition of existing housing stock to transition it into affordable housing.
The real estate crisis in China has become one of the largest economic challenges facing the world’s second-largest economy, with the sector continuing to face significant financing and implementation pressures, which in turn affects overall fixed investment in the Chinese economy.
