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China aims to stabilize housing prices, strictly curb speculation
CGTN
High-rise buildings in Nanjing City, Jiangsu Province, China, May 5, 2022. /CFP
High-rise buildings in Nanjing City, Jiangsu Province, China, May 5, 2022. /CFP

High-rise buildings in Nanjing City, Jiangsu Province, China, May 5, 2022. /CFP

China's housing regulator will work to keep housing supply and demand balanced, make home prices stable and strictly curb speculation, according to a statement released by the Ministry of Housing and Urban-Rural Development on Tuesday.

The regulator held a video conference on Tuesday, vowing to promote home delivery, to help resolve financing risks for property firms and to equally support the balance sheets of state-owned and private property firms.

China's property sector, which accounts for a quarter of the economy, was hit last year as cash-squeezed developers were unable to finish apartment construction, prompting a mortgage boycott by some buyers.

The authorities have rolled out a flurry of supportive policies targeting home buyers and property developers in recent weeks, to relieve a long-running liquidity squeeze that hit developers and delayed the completion of many housing projects.

China will also focus on the development of affordable rental housing and accelerate the efforts to address the housing difficulties of young people and other groups. It aims to increase the supply of affordable rental housing, promote shantytown renovation, and start constructing 3.6 million units of affordable housing.

(With input from Reuters)

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