Ni Hong, China’s Minister of Housing and Urban-Rural Development, expressed confidence in the recovery of the country’s real estate market.
The victory in the fight against the COVID-19 pandemic and the optimization of the epidemic control measures have had a positive impact on both housing supply and demand, and in terms of market expectations, property sales ended 13 consecutive months of declines in January – February and the overall housing prices in major cities have remained stable, he said.
The government has introduced policies to support first-home and second homes, which are being effectively implemented, he added.
He noted that the real estate sector is crucial to China’s overall economy and the government should take city-based, precise and differentiated policy measures , strongly support both rigid and upgrade-based housing demands and boost confidence to promote the stable recovery and healthy development of the real estate market, Ni said.
In addition, the authority should increase the supply of affordable rental housing and long-term rental housing, focusing on solving the housing difficulties faced by young people and new city residents, he added.
The minister also vowed to curb financial risks and local government debt risks and prevent “gray rhinos” in the real estate market.
Support should be provided to state-owned developers and high-quality private developers to improve their balance sheets and meet their reasonable financing needs, he said.
Meanwhile,the regulator should help distressed developer to conduct self-rescue and strict measures should be taken in accordance with laws and regulations to prevent behaviors that harm public interests from evading punishment, he added.