real estate Photo:Xinhua

Authorities of Central China's Henan Province announced on Tuesday that all commercial housing projects supported by local government loans should be completed by the end of October 2023, local media reported. 

Local real estate projects will be supported with favorable policies, including bank loans before delivery. Projects supported by government loans should be delivered by the end of October, 2023, according to the report. 

The remarks were made during a provincial conference addressing housing and urban area construction, which was held in Zhengzhou, Henan Province, which moved to resolve a series of risk issues and restore confidence in real estate market. 

Relevant authorities of the province vowed to fully implement multiple financial supportive policies to increase real estate sales. On the supply side, local governments will be encouraged to provide fiscal support, ensuring developers to deliver homes on time.

A State Council executive meeting held on November 2022 underscored the need to stabilize and expand consumption in real estate sector. City-specific policies will be adopted to meet people's basic housing needs and their hope to improve their housing situation, Xinhua News Agency reported earlier.

The special lending facility to ensure the delivery of pre-sold houses will be channeled to specific projects as quickly as possible, the report said. Project construction and delivery will be advanced at a faster pace, and efforts will be made to decrease debt-to-asset ratio of the real estate sector, in order to boost the healthy development of the housing market.

Global Times