Last Saturday morning (12th), the State Council Information Office held a press conference at 10:00 am. Liao Min, Deputy Minister of Finance, said at the press conference of the State Council Information Office that the Ministry of Finance will actively study and introduce incremental measures favorable for the stable development of real estate, supporting the acquisition of existing housing stock. Increase the supply of secured residences. Considering the relatively large number of completed but unsold residential properties at present, two main support measures are being taken: one is to use special bonds to purchase existing commercial properties for use as secured residences in various regions. The other is to continue using subsidy funds for the secured and comfortable housing project.
Liao Min stated that in the next step, they will actively study and introduce measures favorable for the stable development of real estate, with three main considerations: first, allowing special bonds to be used for land reserves, mainly considering the abundant idle undeveloped land currently, supporting local governments to use special bonds to reclaim eligible idle stock land, reducing idle land, and enhancing land supply control capabilities. Second, supporting the acquisition of existing housing stock, increasing the supply of secured residences, considering the relatively large number of completed but unsold residences currently, they will use special bonds to acquire existing commercial properties, and continue to effectively use subsidy funds for the secured and comfortable housing project, further optimizing and adjusting the support direction, appropriately reducing new construction scale, and supporting more local governments to acquire properties by digesting existing stock.
Third, promptly optimize and improve relevant tax policies. They are currently actively studying to clarify and cancel the value-added tax policies related to the connection of standard definitions between ordinary and non-ordinary residences.
