China’s Minister of Housing and Urban-Rural Development, Ni Hong, announced on Sunday that the country will take resolute steps to stabilize its real estate market. Speaking at a press conference during the third session of the 14th National People’s Congress in Beijing, Ni emphasized efforts to provide strong financing support for eligible housing projects and ensure timely delivery of homes to buyers.
“It is imperative to stabilize the property sector,” Ni stated, referencing this year’s government work report. He pledged collaboration with relevant departments to fully unleash the effects of policies such as interest rate cuts, loan increases, and tax cuts to benefit more people.
Ni highlighted plans to ramp up efforts in renovating urban villages and dilapidated houses, aiming to expand the scale of renovation beyond the one million units added last year. “The renovation of dilapidated houses should be accelerated through various methods such as reconstruction on the original site, renovation and expansion, and earthquake-resistant reinforcement,” he said, stressing the importance of eliminating safety hazards and improving living environments.
The minister also outlined a vision to speed up the construction of a new model of real estate development. This includes meeting people’s needs for high-quality housing, promoting the construction of safe, comfortable, green, and smart houses, and fostering the stable, healthy development of the real estate market.
