China has now ensured that construction is complete on 7.5 million previously sold but unfinished homes across the country, safeguarding the legitimate rights and interests of a vast number of homebuyers, the Ministry of Housing and Urban-Rural Development said on Saturday.
During the 14th Five-Year Plan period (2021-25), China has developed tailored solutions for each individual project to ensure the delivery of unfinished homes, Vice-Minister Dong Jianguo told a news conference.
For property development projects that meet the necessary criteria, the government has incorporated them into a “whitelist” through the real estate financing coordination mechanism, providing project financing to facilitate the timely completion and delivery of these projects, Dong said.
To date, the total amount of loans approved for “whitelist” real estate projects nationwide exceeds 7 trillion yuan ($981 billion), according to the ministry.
For projects facing insolvency, the authorities are expediting bankruptcy restructuring or liquidation procedures while prioritizing the protection of homebuyers” legitimate rights, Dong added.