China's Minister of Housing and Urban-Rural Development Ni Hong (2nd L) speaks at a press conference on people's livelihood for the second session of the 14th National People's Congress (NPC) in Beijing, capital of China, March 9, 2024. [Photo/Xinhua]

China will continue to improve policies to safeguard the steady and healthy development of its property market, Minister of Housing and Urban-Rural Development Ni Hong said on Saturday.

Measures, including favorable mortgage terms, lower interest rates, and tax and fee reliefs, were implemented last year to shore up confidence and defuse risks in the sector, Ni told a press conference on the sidelines of the ongoing session of the national legislature.

Given the urbanization process and the need for housing renovation, China's property market still has huge potential and room for development, he said.

It is necessary to improve the city-specific policies on real estate regulation, and meet justified financing demands of real estate enterprises under various forms of ownership on an equal basis, Ni stressed.

Also, the construction of affordable housing for sale and the supply of affordable housing for lease must be strengthened to ensure that people live and work in contentment, the minister added.