Minister: China will resolutely stabilize real estate market

China will resolutely restore stability in the real estate market, with efforts to provide strong financing support for eligible housing projects and ensure timely delivery of homes to buyers, Minister of Housing and Urban-Rural Development Ni Hong said on Sunday.

Ni made the remarks at a press conference on people's livelihood held by the third session of the 14th National People's Congress in Beijing.

According to this year's government work report, it is imperative to stabilize the property sector, Ni said, pledging to work with relevant departments to achieve that end.

He called for fully unleashing the effects of policies such as interest rate cuts, loan increases, and tax cuts to benefit more people, along with providing strong financing support to guarantee project construction and delivery.

Ramping up efforts to renovate urban villages and dilapidated houses, the ministry will continue to expand the scale of renovation based on the one million units added last year, he said.

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, so as to eliminate safety hazards as soon as possible and improve the living environment, Ni said.

Ni also said the country will speed up the construction of a new model of real estate development to meet the people's needs for high-quality housing, promote the construction of safe, comfortable, green and smart houses, and promote the stable and healthy development of the real estate market.

(Cover: Dozens of residential buildings are under construction in Jinan, east China's Shandong Province, January 23, 2025. /VCG)