According to the news of Ji Siqi in Beijing from South China Morning Post; With Beijing vowing to build a new real estate development model on the bedrock of “three major projects” – including more affordable housing – some analysts are calling for all real estate restrictions to be lifted for buyers and sellers. And they say central leadership might consider bailing out certain property developers in the midst of a liquidity crisis. China’s housing minister, Ni Hong, said on Sunday that while the country’s real estate market is in a period of transformation that is fraught with difficulties, the foundation exists for sustainable development. “The old development model that pursued speed and quantity no longer suits the new requirements of high-quality development, and a new development model is urgently needed,” he said in an interview with party mouthpiece People’s Daily. “Building a new model of real estate development is a fundamental strategy to solve current problems and promote the stable and healthy development of the real estate market,” Ni added.
And the new model will be implemented through what Ni called “three major projects” – building affordable housing, renovating urban villages and constructing emergency public facilities. Proposed during the twice-a-decade central financial work conference last month, the reworked model is based on the concept of “ houses are for living in, not for speculation”, Ni said. That phrase was first uttered by President Xi Jinping a few years ago and had frequently been cited in property-related policies before this year, until there was no mention of it during a Politburo meeting in July. Analysts speculated that the unexplained omission pointed to a pro-growth shift in the sector.
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