The National Development Council (NDC) yesterday reiterated the government’s commitment to stabilizing the housing market with the help of legislation and selective credit controls, but would make room for unexpected scenarios to help businesses.
The council issued the statement after NDC Minister Kung Ming-hsin (龔明鑫) convened a meeting with the heads of the Ministry of the Interior, the central bank and the Financial Supervisory Commission.
“The government will ask banks to take regional development into consideration when they process applications for construction and land loans,” the council said in response to media reports that small and medium-sized developers would have difficulty surviving an upcoming ban on transfers of presale housing contracts.
Photo: CNA
The ban cleared the legislature last month following changes to the Equalization of Land Rights Act (平均地權條例) and is awaiting supporting measures before it goes into effect.
The council said policymakers would approach the matter in line with the principle of not affecting normal transactions, while meeting the goal of stabilizing the market.
The Ministry of the Interior has said the ban would not be retroactive and that it would not slow urban renewal projects.
However, some developers in southern Taiwan have reportedly begun selling land and building permits because of fear the ban would scare away buyers.
A major lender voiced concern that more developers would follow suit, thanks to selective credit controls introduced by the central bank to deter construction delays, media reports said.
The central bank has urged lenders to cancel loans if developers fail to start construction within 18 months after the loan was approved.
The 18-month requirement includes exclusionary clauses for unforeseen scenarios, the council said, citing the central bank.
The Financial Supervisory Commission said that it would ask banks to allocate loans for projects in different regions to promote balanced development across the nation.
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