China to promote steady recovery of property sector: senior official

China will work to promote the steady development and recovery of the property market this year, a senior official has said.

In an interview with Xinhua, Ni Hong, minister of housing and urban-rural development, pledged efforts to boost confidence in the property market, ward off risks, and steer the sector onto a high-quality development path in 2023.

As instructed in December's tone-setting Central Economic Work Conference, the ministry will seek to expand domestic demand, and effectively forestall and defuse major economic and financial risks, Ni said.

Meeting the people's basic housing needs and the need for improved housing conditions is one of the major tasks this year, Ni noted.

The minister said that support for first-time homebuyers will be stepped up, pledging to lower down payment ratios and mortgage rates for the group as appropriate. Families with more than one child will also enjoy policy support, Ni added.

Reiterating the principle that "housing is for living in, not for speculation," Ni said that city-specific housing policies and a targeted approach should be adopted to boost confidence in the market.

On ensuring timely deliveries of pre-sold housing, city governments should assume principal responsibility, work out project-specific plans, and implement supportive policies to reassure the homebuyers involved, according to the minister.

Ni also stressed the importance of resolving risks faced by the country's real estate developers.

"Forestalling and defusing risks in the sector is the bottom line, as it concerns the healthy development of the property market, as well as the steady and sustainable development of the economy," the minister said.

China will take a sound approach to addressing the risk of capital chain breaks among housing enterprises, with a focus on meeting reasonable financing demand in the sector, Ni said.