People learn about properties at a real estate sales office in Beijing on June 24, 2023. Photo: VCG

Chinese Vice Premier He Lifeng emphasized the importance of timely completion and delivery of real estate projects to buyers to protect their legitimate rights and interests during his property sector inspection tour in Zhengzhou, Central China's Henan Province from Saturday to Sunday, a signal that the country aims to facilitate the stable and sound development of the real estate market. 

He, also a member of the Political Bureau of the Communist Party of China Central Committee, stressed that the delivery of good-quality homes on time will help stabilize expectations and promote the steady and healthy development of the real estate market.

He also highlighted the need to accelerate the implementation of the financing coordination mechanism, and urged efforts to actively support the needs of compliant real estate projects listed in the "white list," and ensure loans for those that are eligible for credit.

He said that great changes have taken place in the supply and demand relationship in China's real estate market, stressing the needs to speed up nurturing a new model for the sector's development, particularly the construction of affordable housing, the renewal of urban villages, and the development of dual-use public infrastructure. 

"Requirements such as 'on-time delivery,' 'safeguarding the legitimate rights and interests of homebuyers,' and 'stabilizing expectations' underscore the importance of protection of the rights and interests of homebuyers," Yan Yuejin, director of Shanghai E-House Real Estate Research Institute, told the Global Times. 

In the first two months of 2024, real estate development investment decreased by 9 percent year-on-year, data from the National Bureau of Statistics showed. From January to February, the sales area of newly built commercial residential buildings decreased by 20.5 percent year-on-year, and sales revenue decreased by 29.3 percent. 

Global Times