China's Ministry of Housing and Urban-Rural Development has reaffirmed its commitment to stabilizing the real estate market and reversing its downturn in 2025.
At a two-day national housing and urban-rural development work conference, a ministry official emphasized the focus on unlocking housing demand through a comprehensive mix of policies aimed at supporting individuals looking to buy their first homes or improve their existing housing conditions.
In 2023, China's property market has shown positive momentum, aided by measures such as reductions in mortgage rates, lower down payment requirements, relaxed purchase restrictions, land-use improvements, and favorable fiscal and tax policies.
The official highlighted encouraging signs of recovery, including year-on-year and month-on-month increases in new home transactions in terms of floor area for October and November.
Looking ahead, the ministry plans to optimize housing supply by carefully controlling the expansion of new commercial housing projects while enhancing the quality of homes to sustain the recovery.
Additionally, efforts will be intensified to expand affordable housing availability, providing more support to new urban residents, young people, and migrant workers to meet their housing needs.
China also intends to bolster urban village and dilapidated housing renovation projects in the coming year, expanding their scope to further improve living conditions.
As part of establishing a new development model for the real estate market, the focus will be on increasing the supply of high-quality homes. Reforms are also underway to transition from the traditional pre-sale practice to the sale of completed new homes, ensuring greater transparency and reliability in the commercial housing market.
Reference(s):
China vows continued efforts to stabilize housing market in 2025
cgtn.com
