China to boost acquisition of completed commercial homes

BEIJING - China's Ministry of Housing and Urban-Rural Development on Thursday urged local governments to purchase completed commercial housing for affordable housing in cities at the county level and above as part of the country's efforts to reduce commercial housing stock.

Local governments should accurately assess the demand for affordable housing in the area and evaluate the inventory of completed commercial housing, the ministry said at a teleconference.

It is necessary to ensure these homes are appropriately sized, reasonably priced and located in proper areas, the ministry added.

The ministry also stressed the need to effectively utilize financial support policies to ensure the sustainability of these projects and expedite the implementation of acquisition projects that are ready.

Last month, China's central bank pledged to establish a relending facility that supports local state-owned enterprises to use those funds to buy commercial homes for affordable housing.