China Construction News with the report, citing a work conference held by the housing regulator on Tuesday and Wednesday.
In summary from the report, overblown adjectives included …
- Efforts to stabilize and prevent further declines in China’s real estate market will continue into 2025.
- Plans to reform the commercial housing sales system vigorously.
- Expansion of urban village renovations beyond the addition of 1 million units.
- Strict control over the supply of commercial housing.
- Increased focus on providing affordable housing for new citizens, young people, and migrant workers.
- Greater autonomy for local governments to purchase housing stock for stability, as suggested by the Central Financial and Economic Affairs Commission.
The background to the latest proposals here include:
- Policymakers introduced new measures since 2021 to revive the sector after a developer crisis triggered by a government-led crackdown.
- Measures include cutting mortgage rates, reducing minimum down payments, and offering tax incentives to lower housing transaction costs.
The current overview of the sector highlights some encouraging signs … but its early days yet:
- Real estate market shows signs of stabilizing, with year-on-year and month-on-month growth in home transactions during October and November.
- November saw the slowest decline in home prices in 17 months, driven by government efforts.
