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China to guard against risks in property market: Premier Li

China to guard against risks in property market: Premier Li

Sunday, March 05, 2023, 10:42 GMT+7
China to guard against risks in property market: Premier Li
A worker walks on a scaffolding at a construction site of an apartment building under refurbishment in Beijing, China, July 20, 2022. Photo: Reuters

Warning that risks remain in the property market, China's government said in a report released at parliament's annual opening on Sunday that it would promote the sector's stable development and prevent disorderly expansion by developers.

"There are more potential risks in the real estate market and some small and medium-sized financial institutions are exposed to risks," Premier Li Keqiang said in the work report.

Li made guarding against risks to top property developers this year one of the government's priorities this year, following through on the work done at a key economic meeting in December.

He also said the government would resolve housing issues for young people and support the needs of homebuyers.

China will also insist that "housing is for living, not for speculation," according to a separate report by the state economic planner, though Li did not mention it in the government 2023 work outlook.

China will ensure developers deliver pre-sold properties and expand the supply of affordable rental housing, the planner said.



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