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China pledges to keep real estate market stable

(Xinhua)
Updated: 2009-03-05 10:07

China will take measures to stabilize real estate market confidence while promote "orderly development" of the industry, Premier Wen Jiabao said Thursday morning.

Wen made the remarks in the government work report delivered to nearly 3,000 lawmakers at the annual session of the National People's Congress, the country's top legislature.

"We will adopt even more vigorous and effective policies and measures to stabilize market confidence and expectations, keep real estate investment stable, and promote steady and orderly development of the real estate industry," Wen said.

The country plans to earmark 43 billion yuan ($6.28 billion) in its 2009 budget to build low-rent houses for poor families, he said.

The government will also "strive to solve the housing problems of 7.5 million low-income urban families and 2.4 million families living in shantytowns in forests, on reclaimed land and around coal mines within three years," he said.

Wen also pledged to deepen reform of the urban housing system to meet people's multilevel housing demand, and strive to ensure adequate housing for everyone.