China will resolutely stabilize real estate market: minister

BEIJING -- China will resolutely restore stability in the real estate market, with efforts to provide strong financing support for eligible housing projects and ensure timely delivery of homes to buyers, Minister of Housing and Urban-Rural Development Ni Hong said Sunday at a press conference.

While the government has rolled out a mix of policies to prop up the sector, more work will be done this year to consolidate the effects of related measures, including interest rate cuts, lending support and tax reductions, Ni said on the sidelines of the third session of the 14th National People's Congress.

The ministry will expand a "white list" mechanism to ensure loans for property projects, and accelerate the renovation of urban villages and dilapidated housing, Ni said.

He noted that reforms of fundamental mechanisms in real estate development, financing and sales will be pushed forward to build a new development model for the sector.

Since September, supportive government policies have effectively bolstered market confidence, driving positive shifts in the sector, he said, noting that data showed the market maintained its recovery momentum in January and February.