China pledges to stabilize property market

BEIJING, Dec. 23 (Xinhua) -- China's top housing authority has pledged to stabilize the real-estate market, rolling out a package of measures centered on city-specific policies to reduce inventories and optimize housing supply.

Speaking at a national conference held in Beijing, Minister of Housing and Urban-Rural Development Ni Hong said key measures include controlling new supply in line with local conditions, revitalizing existing land resources, and refining the provision of government-subsidized housing, alongside greater support for the reasonable financing needs of real estate developers.

Ni urged local governments to adjust policies as appropriate to better meet the essential housing demand of residents and their demand for better housing.

On home sales, Ni emphasized promoting the sale of completed new homes to mitigate delivery risks, and strengthening supervision of advance payments in pre-sale property projects.

The ministry will also refine the housing provident fund system and act to enhance property services.