On October 17, the State Council Information Office held a press conference to discuss measures aimed at promoting the stable and healthy development of the real estate market. During the event, Minister of Housing and Urban-Rural Development Ni Hong highlighted the significant progress in the battle to ensure the delivery of homes, noting that 2.46 million units have been successfully handed over.
A reporter asked, “With so much attention from all sectors of society regarding the delivery of homes, what steps are being taken to ensure that already sold properties under construction are delivered with quality? What actions has the Ministry of Housing and Urban-Rural Development implemented, and what specific measures can we expect moving forward?”
Ni Hong responded, stating that on May 17 of this year, the State Council initiated this critical initiative, and after five months, noticeable progress has been made. He explained that the campaign to guarantee home deliveries has instilled confidence among buyers and significantly shifted market expectations. The Ministry is working closely with relevant governmental departments to implement the decisions made by the Central Committee and the State Council, forming a collaborative approach to tackle this challenge. This includes the establishment of a special task force that cooperates with various entities such as financial regulators, development and reform commissions, banks, and local governments. The strategy involves two main focuses: first, creating a “white list” to address project funding issues, and second, monitoring construction delivery timelines while holding local governments, real estate companies, and financial institutions accountable. Each project will be approached with a customized strategy to ensure timely deliveries according to market and legal principles.
He emphasized that projects operating normally will be advanced under market-oriented and legal frameworks. For those facing insolvency, swift legal reorganization or liquidation processes will be pursued to safeguard the legitimate rights of home buyers. Ni Hong was firm in his stance against any illegal actions that harm public interests, insisting on strict penalties to prevent wrongdoers from evading responsibility.
Regarding the implementation of these efforts, Ni Hong explained that the Ministry of Housing and Urban-Rural Development, in conjunction with the Financial Regulatory Bureau and other relevant bodies, is enhancing coordination across credit, land, and judicial measures, with a strong focus on delivery goals. Key aspects include: first, tracking progress through a national home delivery information system that monitors each deliverable project closely; second, ensuring quality by prioritizing the oversight of construction quality to guarantee that completed homes are up to standards; and third, facilitating coordination by utilizing a tripartite mechanism at the national, provincial, and municipal levels to address challenges like fund withdrawals across regions and legal disputes.
Ni Hong expressed his confidence that with support from credit funds tied to the “white list,” efficient cooperation among government departments, proactive actions from local authorities, and the dedicated efforts of real estate companies, the campaign to ensure home deliveries will succeed. He reassured that they aim to fulfill the responsibilities assigned by the Central Committee and the State Council, enabling home buyers to receive their properties as soon as possible.