Targeted policies to bolster property market

Beset by factors such as Covid-19, an expected fall in personal income and debt default risks of certain property developers, China’s real estate market has seen contractions this year. In the first four months of the year, commercial housing sales dived 20.9% in terms of floor area and 29.5% in terms of value.

BEIJING: China has actively rolled out targeted measures such as relaxing restrictions on purchases or sales, adjusting housing provident fund policies and lowering mortgage interest rates to better cater to the residential buying market, and boost the development of the property market.

Beset by factors such as Covid-19, an expected fall in personal income and debt default risks of certain property developers, China’s real estate market has seen contractions this year.