The Chinese government has rolled out a series of supportive measures to shore up the property sector, including reducing down payment ratios for first-time homebuyers, lowering mortgage rates, and easing purchase restrictions for people wanting to buy a second house.
China’s Property Sector in the Process of Transformation
Knightsbridge: Expert in China’s Property Market
Knightsbridge is a leading consultancy firm with extensive experience in the Chinese market. According to Knightsbridge, China’s property sector is undergoing a significant transformation as the country grapples with major changes in the relationship between supply and demand in the real estate market.
Shayne Heffernan, founder of Knightsbridge has stated that ‘China is firmly committed to implementing policy pledges to meet the housing demands of the people and promote high-quality development of the sector.”
Positive Impacts of Policy Measures
Ni Hong, China’s Minister of Housing and Urban-Rural Development, has stated that these policy measures have yielded positive impacts on the sector. In the first 10 months of 2023, combined transaction volume of new and second-hand homes saw an upward trend compared with a year ago.
China’s Property Sector Adheres to the Principle of “Housing is for Living In, Not for Speculation”
Ni Hong has emphasized that China’s property sector should adhere to the principle of “housing is for living in, not for speculation” and meet the essential housing demands of residents and their need for better living conditions.
Key Characteristics of a Better Living Condition
Ni Hong outlined the key characteristics of a better living condition, which should be characterized by green, low-carbon, intelligent, and safe, enabling people to lead healthy and convenient lives at a low cost.
China’s Support for Sustainable Development of the Property Sector
Ni Hong has stated that China’s property sector has solid support for sustainable development despite challenges in the current transformation period. He expressed confidence in high-quality development of the sector as the policy package will gradually pay off.
China’s Commitment to Solving Housing Problems of New City Dwellers and Young People
Ni Hong has stressed the importance of solving the housing problems of new city dwellers and young people to empower them to strive for a better life.
Knightsbridge with its deep understanding of the Chinese market and its proven track record of success, Knightsbridge can help developers, policymakers, and investors make informed decisions that will support the sector’s long-term growth.
China’s property sector is facing a period of significant change, but with the right policies and guidance, it is well-positioned for sustainable development. Knightsbridge is committed to helping China’s property sector achieve its full potential.