Ministry of Housing and Urban-Rural Development- Full of confidence in the real estate market to stop falling and stabilize

During a press conference held on October 17 by the State Council Information Office, Ni Hong, the Minister of Housing and Urban-Rural Development, shared insights on the measures to promote the stable and healthy development of the real estate market in China. He noted that after three years of adjustment and under the influence of various policies, the market is beginning to stabilize, and the data for October is expected to reflect positive trends. “We are confident that the real estate market will see a halt in decline and will stabilize,” he affirmed.

A reporter asked Ni about the recent increase in visitor numbers and sales in major cities, inquiring how this indicates the overall housing sales trend for October and what follow-up policies might be implemented to further promote market stabilization.

In response, Ni explained that during a Politburo meeting on September 26, a strong emphasis was placed on the need to stabilize the real estate market, sending a positive signal to the sector. Various governmental departments have rolled out a series of policies related to finance and taxation, while local governments are flexibly adapting their measures to support both essential and improved housing demands, effectively boosting market confidence. He pointed out that many cities are witnessing a noticeable uptick in property viewings and visits, leading to varying degrees of sales growth, with key indicators in the real estate sector showing marked improvement, particularly in first-tier cities, which have shown overall stabilization since October.

Ni reiterated the importance of collaboration moving forward, stating, “Our next step is to work together effectively to implement a range of policies, ensuring that their benefits are fully realized, allowing the public to enjoy the dividends of these initiatives. We remain optimistic about the market’s stabilization.”

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