On the evening of February 5th, an official Weibo post from the National Development and Reform Commission (NDRC) announced that Zheng Shanjie, Secretary of the NDRC Party Group and Director of the NDRC, published a signed article in the “Study and Research” magazine stating that “in 2024, multiple real estate support policies were introduced and implemented, market confidence was somewhat restored, and the real estate market showed a positive trend of stabilizing and rebounding.” At the same time, he emphasized the need to “continue to make sustained efforts to promote the stabilization and rebound of the real estate market.”

In the view of industry insiders, the phrase “continue to make sustained efforts to promote the stabilization and rebound of the real estate market” in 2025 implies that “policies will continue until the market stabilizes.” The key moving forward is to accelerate the implementation of existing policies, improve supporting policies to address bottlenecks, and ensure that various policies exert their intended effects. At the same time, as additional policies are implemented, they will continue to have the effect of “lowering thresholds, reducing costs, and raising expectations.”

Under the “combination of policies,” the market shows a positive trend of stabilizing and rebounding
Against the backdrop of a comprehensive and systematic package of policies, the real estate market welcomed a positive trend of stabilizing and rebounding in the fourth quarter of 2024.

In this regard, Zheng Shanjie stated in the article that in 2024, risks in key areas were effectively resolved. In the real estate sector, multiple support policies were introduced and implemented, market confidence was somewhat restored, and the real estate market showed a positive trend of stabilizing and rebounding. In the first 11 months of 2024, the cumulative year-on-year decline in the sales area of newly built commercial residential buildings narrowed for six consecutive months, and the decline in sales revenue narrowed for seven consecutive months. In November, the real estate development prosperity index was 92.62, marking a rise for seven consecutive months.

In terms of strengthening safety capability building in key areas, Zheng Shanjie emphasized the need to continue making sustained efforts to promote the stabilization and rebound of the real estate market.

The turning point in the real estate market over the past year was on September 26th, 2024, when the Political Bureau of the Central Committee of the Communist Party of China proposed to promote the stabilization and rebound of the real estate market. Subsequently, the Ministry of Housing and Urban-Rural Development, along with the Ministry of Finance, the Ministry of Natural Resources, the People’s Bank of China, and the Financial Regulatory Administration, guided local governments to take swift action, focusing on the implementation of existing policies and the introduction of new policies, delivering a “combination of policies.”

The “combination of policies” includes four cancellations, four reductions, and two increases. The four cancellations mainly involve lifting purchase restrictions, lifting resale restrictions, lifting price limits, and eliminating the distinction between ordinary and non-ordinary residential standards. The four reductions refer to lowering housing provident fund interest rates, reducing down payment ratios for housing loans, lowering interest rates on existing loans, and reducing tax burdens for homeowners who “sell their old homes to buy new ones.” The two increases involve, firstly, adding 100,000 urban village renovation and dilapidated housing renovation projects through monetization and resettlement, and secondly, increasing the credit scale for “whitelist” projects to 4 trillion yuan by the end of 2024.

Regarding the “whitelist,” the Financial Regulatory Administration revealed at its 2025 regulatory work conference that in 2024, loans approved for “whitelist” projects exceeded 5 trillion yuan. “Ensuring home delivery” remains one of the key tasks in 2025, which means that policies are expected to continue to be strengthened to promote the expansion and effectiveness of “whitelist” projects, improve the funding environment for enterprises, and ensure project delivery.