China’s housing minister calls for stepped-up efforts to ensure property delivery, urges banks to increase financing support

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China needs to accelerate construction and delivery of unfinished residential projects to safeguard homebuyers’ legitimate rights, said Ni Hong, the Minister of Housing and Urban Construction, during his meeting with chairman of the Bank of China.

The development of the real estate industry should transfer from solving the “availability” problem to solving the “quality” problem, change the “high leverage, high debt and high turnover” model, carry out pilot sales of existing home sales, and promote a smooth transition to a new development model, Ni said.

Ni praised the work done by the Bank of China in providing financing for guaranteeing property delivery and hoped the bank will step up the efforts and promote the stable and healthy development of the real estate market.