China will monitor its enterprises to shoulder their primary role and its cities assume their responsibilities, in order to ensure pre-sold houses are delivered on time, according to a report. The Report on The Implementation of the 2023 Plan for National Economic and Social Development and on the 2024 Draft Plan for National Economic and Social Development was released.
It said efforts would be made to meet reasonable funding needs of real estate companies under all forms of ownership on an equal basis.
"We will give full play to city-specific policies and continue to support the government of cities in adjusting and improving their measures for the housing market," the report added.
Also, the Chinese government would implement differentiated housing credit policies, make good use of the supporting role of housing provident funds, and support people in buying their first home or improving their housing situation.
"We will tighten the management of presale funds from housing projects under construction, holding real estate enterprises primarily responsible," added the report.
The Chinese government would also speed up the building of government-subsidised housing, the development of public infrastructure that could operate both under normal circumstances and in case of emergencies, and the renovation of villages in cities.
"Adapting to changes in the supply and demand in the real estate market and the trends of new urbanisation, we will follow the principle of establishing the new before changing the old and facilitate the proactive transition of the real estate sector to a new development model," the report said.
Chinese Premier Li Qiang said the country would try to stabilise its property sector with targeted measures while providing financing to justified project, in order to resolve the glut of unfinished properties.
