A view of a residential property project under construction in Hangzhou, East China’s Zhejiang Province on May 9, 2024. The city announced the same day that it will lift all home purchase restrictions, making it among the first Chinese cities to completely abolish purchase restrictions amid a nationwide effort to shore up the real estate market. Photo: VCG
China’s real estate market continued to recover in January and February, showing signs of stabilization, said Minister of Housing and Urban-Rural Development Ni Hong at a press conference on Sunday.
He added that in the fourth quarter of last year, the housing sales area and transaction value of newly built commercial homes returned to positive growth. Since September, targeted property policies have supported property demand and boosted market confidence.
China successfully met its annual targets for delivering pre-sold housing last year, safeguarding home-buyers’ legitimate rights.
The ministry will collaborate with other government departments to implement a balanced approach of short- and long-term measures, addressing challenges and underlying issues to ensure the stability of China’s real estate market, the minister said.
He also emphasized the need to fully leverage interest rate cuts, increased lending, and tax reductions to benefit a broader population. It pledged to continue efforts to ensure the delivery of pre-sold housing, effectively safeguarding homebuyers’ legitimate rights.
Additionally, the ministry is committed to expanding credit support under the white-list mechanism, ensuring all eligible real estate projects receive sufficient financing for construction to ensure timely delivery.
Meanwhile, he highlighted the need to reform and enhance fundamental systems for property development, financing, and sales while accelerating the transition to a new real estate development model in the country.
This initiative seeks to meet the growing demand for high-quality housing, promote the construction of safe, comfortable, green, and smart homes, and ensure the stable, sustainable growth of the real estate market, the minister said.
Global Times