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1st LD: China to destock housing inventory: key meeting

Xinhua, December 21, 2015 Adjust font size:

China will make efforts to reduce its property inventory and stabilize its ailing housing market, said a statement released Monday after a key policy meeting.

The Central Economic Work Conference said China will help rural residents settle down in cities and buy properties there.

To increase the base of potential home buyers, China will reform its household registration system and allow new cities dwellers to become registered urbanites.

A low-rent public housing program will be expanded to city dwellers without household registration, according to the statement.

The country will encourage individuals and organizations to buy properties and then lease them. The government will nurture home-leasing enterprises.

China will also encourage property developers to change marketing rules and "properly" reduce home prices.

The statement also said the country will promote the consolidation of property developers.

"Obsolete restrictive measures (in the property market) should be revoked," said the statement. Endi