Abstract At the Central Economic Work Conference, which closed on December 21, the resolution of real estate inventory was listed as one of the five major tasks for China's economic and social development next year. The meeting clearly stated that real estate development enterprises are encouraged to “appropriately reduce the price of commodity housingâ€,...
At the Central Economic Work Conference, which closed on December 21, the resolution of real estate stocks was listed as one of the five major tasks for China's economic and social development next year. The meeting clearly stated that real estate development enterprises are encouraged to “appropriately reduce the price of commodity housing†and “to eliminate outdated restrictive measuresâ€. Yang Hongxu, deputy dean of the Yiju Research Institute, said in an interview with the China News Agency on the 21st that the destocking of the real estate industry has become one of the key points for stabilizing the Chinese economy. “To better and faster inventory, it is a path to encourage farmers to settle in the city.â€
The Central Economic Work Conference proposed that in order to speed up the urbanization rate of the registered population and deepen the reform of the housing system, accelerate the urbanization of migrant workers, expand effective demand, open up supply and demand channels, digest inventories, and stabilize the real estate market.
The meeting stressed that it is necessary to implement the household registration system reform plan, allowing non-resident populations such as agricultural transfer population to settle in the employment sites, so that they can form the expectation and demand for buying a house or renting a house for a long time. It is necessary to clearly deepen the reform direction of the housing system to meet the needs of new citizens' housing. The main direction is to establish a housing system with both rent and rent, and expand the public rental housing to a non-registered population.
The meeting proposed to develop the housing rental market, encourage natural persons and various institutional investors to purchase inventory housing, become a provider of housing in the rental market, and encourage the development of specialized enterprises that focus on housing leasing.
The meeting made it clear that real estate development enterprises should be encouraged to adjust their marketing strategies in accordance with market rules, appropriately reduce the price of commodity housing, promote mergers and acquisitions in the real estate industry, and increase industrial concentration. To eliminate outdated restrictive measures.
In this regard, Yang Hongxu pointed out that in recent years, about three or four percent of China's third- and fourth-tier cities have come from small and medium-sized towns and farmers. If we can increase policy support in terms of credit, taxation, and homestead transfer (or pledge), we can really release large-scale home purchase demand. However, he also reminded that farmers who have weaker ability to pay can not be over-encouragated to buy houses, otherwise there may be difficulties in repaying loans, which will increase the rate of non-performing loans.
Yang Hongxu believes that for farmers who do not have the ability to purchase houses, it is more suitable for renting houses to live in cities. The government can incorporate migrant workers into the urban housing security system.
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