Ni Hong, head of China’s Ministry of Housing, Urban and Rural Construction, said the task of stabilizing the real estate market in China remains difficult. His words guide the way TASS.
The Minister said, “Contractors who have serious difficulties in paying their debts and lose the opportunity to do business must go into bankruptcy and undergo restructuring in accordance with law and market principles.”
He explained that all these processes take a lot of time. Additionally, renovation works continue in the country. This year, 50 thousand old residential complexes will fall under it. Ni Hong stated that the Chinese real estate market in general is currently going through a correction phase.
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