Efforts will continue in 2025 to stabilise and prevent further declines in China's real estate market. China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renovation beyond the addition of 1 million units, the report said
China will strictly control the supply of commercial housing, while increasing the supply of affordable housing to help solve the living problems of a large number of new citizens, young people and migrant workers, it said. Policymakers have stepped up efforts to revive the real estate by introducing new measures to encourage home demand after a government-led campaign to rein in highly leveraged developers triggered a crisis in 2021.
Since September, measures aimed at encouraging homebuying have included cutting mortgage rates and minimum down-payments, as well as tax incentives to lower the cost of housing transactions.
The real estate market has shown some momentum of stabilising, with home transactions in October and November seeing year-on-year and month-on-month growth for two consecutive months, said the conference.
China's home prices fell at the slowest pace in 17 months in November, supported by government efforts to revive the sector, official data showed. An official of the Central Financial and Economic Affairs Commission in December called for policy measures with direct impact on stabilising the real estate market to be adopted as soon as possible, with local governments getting greater autonomy to buy housing stock.
