China has taken a series of measures to ensure the delivery of unfinished commercial housing projects, aiming to boost market confidence and mitigate property risks, said a senior official from China's housing regulator at a press briefing on Friday.

Dong Jianguo, vice minister of housing and urban-rural development, speaks at a press conference held by the State Council Information Office in Beijing on Aug. 23, 2024. [Photo by Xu Xiang/China SCIO]

Dong Jianguo, vice minister of housing and urban-rural development, emphasized that ensuring the delivery of housing projects is crucial for safeguarding people's livelihoods, protecting the legitimate rights of home buyers, and stabilizing market expectations. It will also will help reinforce market confidence and prevent potential risks in the real estate sector, he said.

To tackle the challenges associated with the delivery of sold but unfinished housing projects, the ministry, along with the National Financial Regulatory Administration, conducted a thorough inspection across various regions and identified 3.96 million housing units that are due for delivery by the end of this year.

To ensure the houses are delivered on time, a three-tiered coordination mechanism, covering the national, provincial, and municipal levels, has been created to ensure that eligible projects receive necessary financial support.

Over 5,300 housing projects have been approved for loans, with nearly 1.4 trillion yuan (US$196.2 billion) expected to be disbursed in support of construction and delivery, Dong said.

For insolvent projects, bankruptcy reorganization and liquidation are being expedited to protect home buyers' rights, he added.

The ministry also established a national housing delivery information system to track and ensure the timely handover of homes to buyers. Moreover, local departments are also urged to strengthen quality control measures to ensure that delivered homes meet standards, he noted.

Dong stressed that the timely delivery of housing projects is a matter of public interest. "Once home buyers have paid, they have the right to receive their homes," he said. He vowed that the ministry will continue to prioritize the protection of home buyers' rights, ensure that local governments, property developers, and financial institutions fulfill their responsibilities, and work diligently to meet the needs of home buyers.