2024-03-09 16:35:12
© Reuters.
BEIJING (Reuters) – China will improve residential property sales in a “vigorous” and “orderly” manner, Housing and Urban-Rural Development Minister Ni Hong said on Saturday, as weak demand persists in the residential property market from the country.
The real estate sector has lurched from one crisis to another since 2021, after a regulatory crackdown on high leverage among developers triggered a liquidity crisis among real estate companies and dented home buying sentiment.
China will accelerate the development of “a new model” for the sector, focusing on building more affordable housing and meeting housing demand, Premier Li Qiang said earlier this week.
China will insist that “housing is for living, not for speculation” when developing the new model for the sector, Ni said at a press conference on Saturday on the sidelines of Parliament’s annual meeting, reiterating an official line against housing. real estate speculation.
(Reporting by Ellen Zhang)
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