Measures released to digest housing inventories

Potential homebuyers ask queries on housing projects at a real estate agency in Beijing in March. It is required to abide by the spirit of the Political Bureau of the Communist Party of China Central Committee meeting on April 30, fully implement the central government's work deployment, respond to the latest supply and demand conditions as well as people's expectation for quality housing, said Liu, who called for policies and measures to reduce housing inventories and optimize new supplies. Chinese cities reported deeper home price drops in April both in year-on-year and month-on-month terms, which indicated the property market remains in a process of adjustment, said Wang Zhonghua, a statistician with the National Bureau of Statistics' urban division. "The new home price drop has passed on to the pre-owned home market, which also experienced extended declines," said Li Yujia, chief researcher at the Guangdong Planning Institute's residential policy research center. "In comparison with a month ago, the pre-owned home price index in China's 70 large and medium cities slid 0.9 percent on average, presenting a drop of 12 months in a row," Li said.