China's Ministry of Housing and Urban-Rural Development yesterday said developers will deliver homes gradually as an official paper reported that the property market is expected to rebound.
Financing will improve as more and more incentive measures are carried out, it added.
And the housing department said 40 major cities will offer 6.5 million homes to meet the housing demand of 200 million people by the end of 2025.
Meanwhile, more than 30 cities will limit the compensation for owners of properties to be redeveloped by governments for home purchases in a bid to further boost the property market, the state-run The Paper reported.
For homes to be demolished for redevelopment projects, local governments will now offer the owners housing vouchers which can be used to offset housing payments. Previously, cash settlements were provided and could be used for other purposes.
These measures have been adopted by at least 30 cities across the mainland, including Zhengzhou in Henan and Nanjing in Jiangsu, it said.
Some local governments are also encouraging state-owned enterprises to buy homes from private developers. Jinan, the capital of Shandong, said it would purchase 3,000 private flats through a government-backed company, joining similar moves of Huzhou in Zhejiang and Cixian in Hebei.
