MNI BRIEF: China To Keep Stabilising Real-Estate Market

China will continue efforts to stabilise the real-estate market by reducing restrictive measures, renovating urban villages, and giving local governments greater autonomy in buying up unsold housing, according to the Government Work Report released during the opening ceremony of the annual National People’s Congress on Wednesday.

Greater autonomy in terms of acquisition entities, prices and uses will be given to municipal governments, while part of the CNY4.4 trillion local government special bonds allocated for this year, a rise of CNY500 billion from 2024, will be used for recycling vacant lands and unsold homes from housing developers. (See MNI: China To Raise Local Bonds To Aid House Destocking)

Authorities will continue to ensure the delivery of housing projects and prevent the risk of debt default of developers.