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.
