This aerial photo taken on June 7, 2023 shows a view of downtown Changsha, Hunan Province, central China. (Xinhua/Chen Sihan)
BEIJING, Nov. 11 (Xinhua) — China will resolutely implement real estate market policy pledges to meet the people’s housing requirements and promote high-quality development of the sector, said Ni Hong, Minister of Housing and Urban-Rural Development. .
Since the beginning of the year, a series of supportive measures have been implemented to support China’s real estate sector, including lowering down payment rates for first-time homebuyers, lowering mortgage rates and easing purchase restrictions for people wanting to buy a second home.
“These policy measures have had positive effects on the sector,” Ni said in an interview with Xinhua News Agency.
He said that in the first 10 months, the combined transaction volume of new and used homes witnessed an upward trend compared to last year.
Ni added that China’s real estate sector is going through a transformation as major changes have occurred in the relationship between supply and demand in the real estate market.
In response to the new situation, China’s real estate sector should “adhere to the principle that housing is for living, not speculation, and meet residents’ basic housing requirements and their need for better living conditions,” the minister said.
He explained that better living conditions should be green, low-carbon, smart and safe, enabling people to live a healthy and comfortable life at a low cost.
In addition, important measures will be taken to support the construction of affordable housing, the renewal of urban villages and the construction of public facilities, as well as meet the reasonable financing requirements of developers, Ni added.
“It is especially important to solve the housing problems of new city dwellers and young people to enable them to strive for a better life,” the minister said.
Noting that China’s real estate sector enjoys strong support for sustainable development despite the challenges in the current transformation period, Ni expressed confidence in the high-quality development of the sector as the policy package will gradually bear fruit. ■