China's government revealed at parliament's annual opening that it plans to promote the property market's stable development and prevent disorderly expansion by developers.
Last week, a deputy central bank governor said the real estate industry is recovering from a slump.
Premier Li Keqiang said one of the government's top priorities is guarding top property developers against risks.
- He added that there are potential risks in the real estate market, and small and medium-sized financial institutions are exposed to risks.
- The Chinese government is working on resolving housing issues for younger people and supporting the needs of homebuyers.
- Shares of Chinese real estate developers declined after the government announced its plans to target disorderly expansion in the sector.
