How will Xinjiang maintain the stable and healthy development of the property market?

It is reported that the Housing and Urban-Rural Development Department of Xinjiang Autonomous Region recently issued the Notice on Strengthening Classified Regulation to Promote the Stable and Healthy Development of the Real Estate Market in the Autonomous Region, requiring all localities to adhere to differentiated regulation, speed up destocking, and maintain the stable and healthy development of the real estate market in Xinjiang.

According to the report, the "Notice" proposed four aspects to strengthen the regulation of the property market, namely, adhering to differentiated regulation policies, accelerating the destocking of the real estate market, strengthening the supervision of the real estate market, and strengthening the main responsibility of local governments. All localities should adhere to the structural reform of the supply side of the real estate industry, promote the citizenization of floating population, and attract agricultural transfer population, college graduates and floating population to settle in cities.

In terms of destocking, the notice requires that non-residential inventory should be highlighted, commercial office buildings should be supported to transform into characteristic real estate such as tourism, old-age care and culture, and real estate enterprises should be allowed to properly adjust and optimize the layout structure, fully resolve the inventory in the real estate market, rationally formulate destocking measures for non-residential commercial housing, and actively digest inventory.

The Notice also puts forward requirements for market supervision and government responsibility. All localities should improve the online signing system of real estate transactions, strengthen market monitoring and early warning, improve the ability and level of regulation, and resolutely talk about accountability for places where work is ineffective, market fluctuations are large, and regulatory targets have not been achieved.