MNI BRIEF: China To Acquire Housing, Land Stocks From Developers
Local governments can purchase some of the unsold commercial housing at reasonable prices to use as affordable housing, especially in cities with large inventory, said Vice Premier He Lifeng during a video conference on Friday, according to the state run Xinhua News Agency.
Local governments should also take over or acquire idle residential lands from real-estate developers to help them overcome financial difficulties, He was cited as saying.
Efforts should be made to classify and promote the disposal of ongoing housing projects facing difficulty to deliver, and the authority will fully support the financing and construction of projects that should be continued to protect the legitimate rights, and interests of home buyers, according to He.
MNI has reported local authorities could absorb developers’ unsold stock into social-housing programmes. (See MNI EM: Chinese Cities To Ease Housing Restrictions Significantly)