Measures unveiled to stabilize property market

Workers are seen busy at a construction site in Huai'an, Jiangsu province, in December 2023. （Photo/chinadaily.com.cn）

China will renovate an additional 1 million units of urban village and dilapidated housing through a monetary compensation approach, said Ni Hong, minister of housing and urban-rural development, on Thursday.

The newly proposed renovation projects primarily target the most ready-to-implement projects, where increased policy support can accelerate the process, Ni said at a news conference.

By the end of this year, the credit scale for "white list" property projects will be increased to 4 trillion yuan ($561.8 billion), Ni said, adding that efforts will be made to include all qualified real estate projects in the "white list", ensuring that eligible projects can access the necessary financing.

Under the "white list" mechanism launched in late January, local authorities are recommending real estate projects eligible for financial support to financial institutions.