Work on many housing projects has resumed since the end of the COVID-19 restrictions at a much higher rate than before and the transaction volume had improved significantly with the number of viewings of new homes increasing significantly, Ni said. Since last year, the property sector has grappled with a liquidity crisis, with many developers defaulting on, or delaying, debt payments and even stalling construction of presold properties, which triggered threats from buyers to stop mortgage payments. Some signs of recovery have been seen in recent weeks, as home prices rose in January for the first time in a year, helped by aggressive support from the government late last year and the scrapping of the COVID controls. Ni also vowed to prevent volatility in the property market and he warned off speculators. "Housing is for living, not for speculation," he said. Separately, warning that risks remained in the property market, the government said in a report released at the parliament's opening on Sunday that it would promote the stable development of the sector and prevent disorderly expansion.
(Reporting by Liangping Gao and Ryan Woo; Editing by Andrew Heavens)
