China's property market to remain steady, healthy: official

Minister of Housing and Urban-Rural Development Chen Zhenggao answers questions at a press conference on rebuilding shantytowns and real estate development on the sidelines of the fourth session of the 12th National People's Congress in Beijing, capital of China, March 15, 2016. (Xinhua/Chen Yichen)

BEIJING, March 15 -- China's property market will continue to experience a steady and healthy development thanks to sound economic fundamentals and enormous housing demand, an official said Tuesday.

"I am confident in the development of the sector," Chen Zhenggao, minister of housing and urban-rural development, said at a press conference on the sidelines of the annual parliamentary session.

He cited several favorable factors including stable economic growth, rapid pace of urbanization and huge demand from urban dwellers.