China to tap commercial sector to expand government-subsidized housing

China will promote the acquisition of existing commercial housing for use as government-subsidized housing, Minister of Housing and Urban-Rural Development Ni Hong has said at a two-day work conference, which concluded on Tuesday.

According to Ni, China's property sector retains potential for development, given the ongoing advancement of new urbanization, the substantial room for optimizing existing urban infrastructure, and rising public expectations for higher-quality housing.

The country's top housing regulator added that city-specific measures need to be employed to control new housing supply and reduce existing inventory, thus optimizing overall supply.

Ni said efforts will also be made to advance the construction of quality housing in an orderly manner, while, for commercial housing sales, China will advance the completed-home sales system so that buyers know exactly what they will receive, thereby preventing delivery risks.

For projects that continue with pre-sales, oversight of pre-sale funds will be strengthened to effectively protect the rights and interests of homebuyers, Ni added.

Ni stressed that city governments should make full use of their policy autonomy on real estate adjustment and refine housing policies in a timely manner.

wangkeju@chinadaily.com.cn