China has ordered local governments to use all means necessary to deal with excess inventory in the property market, 21st Century Business Herald reported Friday.
Housing Minister Chen Zhenggao said local authorities should release policies to stabilize the market based on existing conditions and take measures to clear excess supply, the report said, citing a person who attended a meeting of the Ministry of Housing and Urban-Rural Development.
The meeting was called to plan priorities for the second half, step up construction of public housing and accelerate shantytown redevelopment.
China is targeting more than seven million public housing units this year. More than 2.8 million of these were completed by the end of June, the report said.
– Contact [email protected]