The patrol and law enforcement activities of Chinese military and Coast Guard ships in waters of Xianbin Jiao (Reef), a part of China's Nansha Qundao (Islands) adhere to international law, said Chinese Foreign Ministry spokesman Lin Jian on Monday.
Lin made the statement at a press briefing in Beijing when responding to queries concerning Xianbin Jiao.
The Philippine side said on Saturday that China's largest coast guard vessel has anchored in its exclusive economic zone, alleging that the move is meant to intimidate the country.
"Xianbin Jiao is a part of China's Nansha Qundao, rather than an exclusive economic zone of the Philippines. The patrol and law enforcement activities of Chinese military and Coast Guard ships are consistent with domestic and international laws, including the UN Convention on the Law of the Sea (UNCLOS)," said the spokesman.
Activities of China's coast guard in waters of Xianbin Jiao consistent with int'l law: spokesman
With the introduction of new real estate policies in China's four major cities, industry insiders believe that the measures taken by multiple departments will help boost market confidence and contribute to the recovery of the property market, with first-tier cities leading the trend.
In late September, major Chinese cities including Beijing, Shanghai, Guangzhou, and Shenzhen introduced a new wave of real estate policy adjustments aimed at revitalizing the property market.
Starting October 1, Beijing introduced new property policies focused on easing purchase restrictions and increasing credit support. The minimum down payment for first-time home buyers has dropped from 20 percent to 15 percent, and from 30 percent to 20 percent for second homes - easing financial pressure and facilitating both first-time buyers and those looking to upgrade their homes.
Beijing’s real estate market has shown promising signs under these policy incentives. In the three days following the new policy release, the number of viewings for new homes in the Chinese capital increased by 92.5 percent compared to the same period last year, with purchase agreements doubling. Viewings for resale homes also rose by 104.1 percent year on year.
"Since the new policies came out, we've seen a rise in customer inquiries, whether they're looking to buy or sell a home. The number of customer viewings has also increased. Around 90 percent of them are looking to upgrade their homes. Some clients previously lacked confidence, but the new policy has made many feel that now is a good time to make a move," said Wu Bei, regional manager of Maitian Real Estate Agency.
In addition to Beijing, other first-tier cities such as Shanghai, Shenzhen, and Guangzhou have introduced similar measures, including lower down payment requirements and eased district-specific purchase restrictions.
"As the new policies take effect, we expect a rise in visits to real estate agencies and property viewings after the National Day holiday. We also anticipate that property prices will soon stabilize across the country, driven by Beijing and other top-tier cities," said Zhao Qingxiang, secretary general of the Beijing Real Estate Agency Association.
According to the Ministry of Housing and Urban-Rural Development, cities conducting promotional activities reported over a 50-percent year-on-year increase in visits to real estate projects during the week-long National Day holiday. Some properties in Guangzhou saw over 150 visits per day, up 200 percent from normal levels.
Adjusted policies motivate China's home sales: experts
