Plans drawn up to boost property sector
Print Edition
CHINA will roll out measures to reduce its property inventory and stabilize its ailing housing market, the ruling Party said in a statement released yesterday after a key policy meeting.
Attendees of the Central Economic Work Conference agreed that rural residents relocating to urban areas should be allowed to register as city residents, which would enable them to buy or rent property.
This will increase the number of home buyers, while a low-rent public housing program will cover those without household registration. Individuals and organizations will be encouraged to buy inventory properties, and the government will support rental firms.
Property developers will also be encouraged to change marketing rules and “properly” reduce home prices.
Although nearly 55 percent of the population live in cities, less than 40 percent are registered urban residents. China plans to raise those numbers to 60 percent and 45 percent by 2020.
China’s housing market took a downturn in 2014 due to weak demand and a supply glut, but it has experienced a mild recovery since the summer due to a number of support measures.
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