BEIJING: China will improve home sales in a “forceful” and “orderly” way, Minister of Housing and Urban-Rural Development Ni Hong said on Saturday (Mar 9), as weak demand in the country’s beleaguered residential property market persists.
The property sector has lurched from one crisis to another since 2021 after a regulatory crackdown on high leverage among developers triggered a liquidity crisis among real estate firms and crushed home-buying sentiment.
Chinese developers including real estate giants China Evergrande Group and Country Garden have defaulted on their debts, many housing projects across China have been left unfinished, and angry buyers who have already paid for their homes have clamoured for official action.
