Chinese authorities have vowed to achieve a significant improvement in the real-estate market order in around three years.

Efforts should be made to effectively curb the violations of laws and regulations, continuously improve the regulation mechanism and basically establish the oversight information system, according to a guideline issued by eight government departments including the Ministry of Housing and Urban-Rural Development.

The rectification work on the market will focus on the real estate development, housing sales, housing rental and property services, said the guideline.

China will further strengthen regulation and supervision of the real estate market as the market in some cities has heated up, said an official with the ministry.

The official stressed sticking to the principle of "housing is for living in, not for speculation," while avoiding the use of housing as a short-term tool to stimulate the economy.

In 2020, the year-on-year increase of newly built and second-hand commercial housing prices in 22 pilot cities narrowed by 3.1 percentage points and 1 percentage point, respectively, compared with 2019.

Next, the ministry and relative departments will strengthen the provincial governments' responsibility, facilitate the financial regulation, strictly examine the qualifications of land acquisition enterprises, and establish a data sharing mechanism, said the official.

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