China will intensify efforts to better meet people's needs for first homes and improved housing, said a senior official in an interview released on Monday.
The remarks, made by an official with the Office of the Central Committee for Financial and Economic Affairs, came after last week's tone-setting Central Economic Work Conference.
The Conference called for continuous efforts to further stabilize and reverse the downturn of the real estate market.
Measures should be taken to unleash demand, improve supply and promote the transformation of the real estate sector, said the official.
The official noted vigorous efforts will be made in urban renewal, including ramping up the renovations of urban villages and dilapidated houses and advancing projects that have relatively mature conditions and are supported by public enthusiasm as fast as possible.
Based on local conditions, cities should adjust and reduce restrictions and implement existing housing credit and tax policies to lower costs for homebuyers, said the official.
In terms of improving supply, the official stressed the need to limit the number of newly built commodity housing, optimize existing properties, improve the quality of commodity housing, and reasonably control the supply of newly added real estate land.
Noting the Communist Party of China Central Committee has made it clear that local government bonds can be used to reclaim and acquire idle land and purchase existing commodity housing, the official urged local authorities to improve feasible approaches.
Calling for safe, comfortable, green and intelligent housing, the official noted the importance of giving full play to urban real estate financing coordination mechanisms to ensure the delivery of pre-sold homes.
Efforts should be made to advance the transformation of the real estate sector, accelerate the establishment of a new model for real estate development, and improve the housing supply system, said the official.
Institutional and policy measures that can directly help stabilize and reverse the downturn of the real estate market should be implemented as soon as possible, according to the official.
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China vows to further stabilize, reverse downturn of real estate market