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China’s top real estate regulator vows to tackle property delivery risks – Xinhua News Agency

Surveillance cameras are seen near a real estate project under construction in Shenzhen, Guangdong
FILE PHOTO: Surveillance cameras are seen near a real estate project under construction in Shenzhen, Guangdong province, China November 8, 2021. REUTERS/David Kirton

December 25, 2021

SHANGHAI (Reuters) – China’s top real estate regulator said it would resolutely tackle risks stemming from some top developers handing over delinquent housing in an effort to maintain the viability of the property. social stability, Xinhua News Agency reported on Saturday.

Wang Menghui, head of the Ministry of Housing and Urban-Rural Development, also told Xinhua that China will keep its property policies consistent and stable, and strengthen coordination in various fields. areas include finance, land and market supervision.

Chinese developers have come under a liquidity crunch this year as Beijing ramps up its debt write-off campaign against the burgeoning sector, triggering defaults on heavily indebted companies like China. Evergrande Group.

Although Chinese regulators have slightly relaxed funding restrictions to avoid a crash in the sector, Wang has ruled out a policy reversal.

According to Wang, China will not use the real estate sector as a tool to stimulate economic growth in the short term and will continue to crack down on speculative investment.

Instead, China will establish a mechanism to promote the long-term development of the real estate industry, while maintaining the stability of market expectations, as well as land and real estate prices.

Wang said the fundamentals of China’s property market have not changed, with home buying demand remaining strong due to rapid urbanization and demand for a better standard of living due to spurred by the coronavirus pandemic.

Earlier, on Saturday, China’s central bank said it would protect homebuyers’ legal rights and better meet their reasonable living needs, pledging to promote the healthy development of real estate market in this country.

(Reporting by Shanghai Newspaper; Editing by Kirsten Donovan)

https://www.oann.com/chinas-top-real-estate-regulator-vows-to-tackle-property-delivery-risks-xinhua/?utm_source=rss&utm_medium=rss&utm_campaign=chinas-top-real-estate-regulator-vows-to-tackle-property-delivery-risks-xinhua China’s top real estate regulator vows to tackle property delivery risks – Xinhua News Agency

Bobby Allyn

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