China’s Top Property Regulator Vows to Act | Xinhua

Wang Menghui, the Minister of Housing and Urban-Rural Development, also told Xinhua that China would maintain consistency and stability in its real estate policy while improving cooperation in sectors such as finance, land, and market oversight.

SHANGHAI: In an effort to safeguard social stability, China’s top real estate regulator pledged to forcefully address dangers posed by certain big developers’ delayed delivery of residential units, according to the official Xinhua News Agency.

Wang Menghui, the Minister of Housing and Urban-Rural Development, also told Xinhua that China would maintain consistency and stability in its real estate policy while improving cooperation in sectors such as finance, land, and market oversight. This year, Chinese developers faced liquidity issues as Beijing ramped up its deleverage drive against the bloated industry, resulting in defaults at severely leveraged companies like China Evergrande Group.

China's top real estate regulator property delivery risks: Xinhua

Although Chinese officials have lifted financial limits somewhat to prevent the industry from collapsing, Wang has ruled out a policy shift. According to Xinhua, China will continue to clamp down on speculative investment and will not exploit the property industry to drive the economy for short-term development. Instead, China will establish a system to promote long-term real estate growth while ensuring market expectations, as well as land and property prices, remain stable.

The foundations of China’s real estate market have not altered, according to Wang, with home-buying demand staying solid due to the country’s still-rapid urbanization and the desire for higher living standards spurred by the coronavirus pandemic. Earlier on Saturday, China’s central bank said it will protect house purchasers’ legal rights and better meet their reasonable living requirements, promising to support the country’s real estate market’s healthy growth.

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