China has pledged to empower local governments with city-specific measures to clear housing gluts and optimise supply next year, reports the South China Morning Post. The move is aimed at ramping up efforts to stabilise a real estate market that has been in downfall.
“Municipal governments should fully utilise their autonomy in regulating the property market, adjusting and optimising policies as appropriate,” said Ni Hong, the minister of housing and urban-rural development.
To mitigate delivery risks in commercial housing, the ministry is pushing for a shift towards selling completed homes in a “what you see is what you get” model. While for projects that continue to operate on the traditional presales model–a key amplifier of the property crisis–Ni called for stricter oversight of funds to ensure that homebuyers’ rights are protected.