During a news conference held by the State Council Information Office on October 17, Minister of Housing and Urban-Rural Development Ni Hong provided insights into measures aimed at promoting stable and healthy development in the real estate market. He stated that the government plans to add 1 million units through monetary compensation for the redevelopment of urban villages and the renovation of dilapidated housing. This decision is primarily driven by the urgent demand for transformation in certain projects and the solid groundwork established in the initial phases.

When asked which types of projects would receive policy support, Minister Ni highlighted two main criteria. First, projects must have strong community demand for renovation and significant safety concerns. Second, the project proposals must be well-developed, encompassing a comprehensive resettlement plan that ensures the smooth progress of property acquisitions while safeguarding residents’ legal rights, as well as a financial balancing strategy to prevent new local debt risks.

Ni elaborated on five key policies designed to facilitate these initiatives:
1. Focus on supporting cities at or above the prefectural level.
2. Development-oriented and policy-driven financial institutions will be allowed to provide special loans.
3. Local governments will be permitted to issue special municipal bonds.
4. Tax and fee incentives will be offered.
5. Commercial banks can extend commercial loans based on project evaluations.

Minister Ni emphasized that with these five supportive policies in place, localities can strategically identify and prioritize projects ready for execution, especially in conjunction with urban renewal efforts. He reassured that as long as the initial groundwork is solid, there may be potential to increase support beyond the target of 1 million housing units.