Housing market Photo:VCG

Chinese cities are mulling more policy measures to further stabilize the real estate market,MKsports the Securities Times reported on Tuesday. Such moves indicate the country's strong emphasis on the real estate sector, as well as its commitment to stabilizing the real estate market, said an industry insider.

Southwest China's Chongqing Municipality said that it will continue the acquisition of existing commercial housing so as to improve supply. Relevant departments at the municipal level will introduce new policies and carry out promotional activities to stabilize the real estate market. 

A number of other cities, such as Foshan in South China's Guangdong Province and Suzhou in East China's Jiangsu Province, are also researching measures to stabilize the real estate market, according to the newspaper.

The moves came after China underscored its commitment to ensuring stability in the real estate market in this year's Government Work Report.

The policy direction has become a confidence booster for cities to actively research and adopt relevant policies to further stabilize the market, Yan Yuejin, research director at Shanghai-based E-house China R&D Institute, told the Global Times on Tuesday, adding that it reflects the solid fundamentals of the real estate sector.

In 2024, housing sales and investment contributed about 15 percent to the GDP, according to Lian Ping, director and chief economist of Guangkai Chief Industry Research Institute.

Considering the related industries, including construction materials, durable consumer goods and corresponding real estate-related services, the housing sector's indirect contribution to the overall economy is even larger, Lian wrote in an article published on the Global Times.

Localities are constantly innovating and optimizing in the area of policy formulation and implementation, showing new directions and highlights, said Yan.

"These innovative measures will inject new vitality into the real estate market, and have far-reaching impacts," Yan noted, adding that the real estate sector in 2025 is expected to see marginal improvements. Additionally, more cities are likely to show signs of stabilization following a period of declining housing prices.