real estate market Photo:VCG

China called on cities to implement and adjust policy tools in real estate sector based on local conditions, China's Ministry of Housing and Urban-Rural Development (MOHURD) announced on Friday, in order to achieve positive results effectively and a steady development of the sector.

Officials from the ministry made the remarks during a meeting held on Friday, which aimed to deploy a coordination mechanism targeting urban real estate financing, a move to promote the collaboration between developers and financial firms, according to a report by China Construction News. 

The meeting was held following the National Financial Regulatory Administration (NFRA) announcing on Thursday plans to step up efforts to support the real estate sector and meet the reasonable financing demand of developer companies.

During the meeting, officials from MOHURD flagged granting cities autonomy to adjust local real estate sector, and implement different policies that are suitable to local market condition, according to the report.

In addition, the meeting also vowed to support real estate developing programs by the coordination mechanism, treat developers in various ownerships equally by approving their reasonable financing demand. 

China's policymakers have been making efforts in addressing financing issues among real estate developers, which was mentioned during a central economic work conference held last December. 

Xiao Yuanqi, a deputy director of the NFRA, said during the press conference on Thursday that the financial sector has an undeniable responsibility to provide support to the real estate industry, which has a long supply chain and wide-ranging implications for the national economy, as well as being intertwined with people's lives.

MOHURD vowed to accelerate the issuance of loan to developers and enhance supervision to ensure the utility of the loan, adding that a first issuance of real estate programs will be finalized by the end of January. 

Global Times