Efforts will continue in 2025 to stabilize and prevent further decline in China’s real estate market, China Construction News reported, citing a work conference held by the housing regulator on Tuesday and Wednesday.
The report said that China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renewal beyond one million units.
It said China will strictly control the supply of commercial housing while increasing the supply of affordable housing to help solve the living problems of the large number of new citizens, youth and migrant workers.
Policymakers have stepped up efforts to revive the real estate market by introducing new measures to stimulate home demand after a government-led campaign to rein in highly leveraged developers led to a crisis in 2021 Has gone.
Since September, measures aimed at encouraging home buying have included cuts in mortgage rates and minimum down-payments as well as tax incentives to reduce housing transaction costs.
The real estate market has seen some momentum stabilizing, with home transactions seeing two consecutive months of year-on-year and month-on-month growth in October and November, the conference said.
Home prices in China fell at the slowest pace in 17 months in November, official data showed, supported by government efforts to revive the sector.
In December an official at the Central Financial and Economic Affairs Commission called for the early adoption of policy measures with a direct impact on stabilizing the real estate market, giving local governments more autonomy to purchase housing stock.