China to improve policies for healthy development of property market: minister

BEIJING -- China will continue to improve policies to safeguard the steady and healthy development of its property market, said Ni Hong, minister of housing and urban-rural development.

Measures, including favorable mortgage terms, lower interest rates, and tax and fee reliefs, were implemented last year to shore up confidence and defuse risks in the sector, Ni told a press conference on the sidelines of the ongoing session of the national legislature.

Given the urbanization process and the need for housing renovation, China's property market still has huge potential and room for development, he said.

It is necessary to improve the city-specific policies on real estate regulation, and meet justified financing demands of real estate enterprises under various forms of ownership on an equal basis, Ni stressed.

Also, the construction of affordable housing for sale and the supply of affordable housing for lease must be strengthened to ensure that people live and work in contentment, the minister added.