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Measures will be carried out to meet housing demand and stabilize the market



Figure 1 A salesman (left) introduces a residential project to potential homebuyers in Taiyuan, Shanxi province, on July 14. [Wei Liang/China News Service]

China will continue its targeted, differentiated policies to better meet people's housing demand and stabilize the property market, Ni Hong, minister of housing and urban-rural development, said. ‘We will stick to the principle that housing is for living in, not for speculation, and adapt to the new situation that major changes have taken place in the supply-demand relationship in China's real estate market’, Ni said at the ministry's annual work conference held on December 21 and 22. Ni suggested that efforts will be made to ensure the delivery of pre-sold homes, deal with risks in property enterprises, and address illegal activities in the market.

In terms of building a new development mode, Ni said work will be done to improve the foundational property market system that covers the full cycle of real estate from construction to maintenance. The construction of affordable housing and public infrastructure for both normal and emergency use, as well as the renovation of shanty towns in cities, will be promoted. Another focus will be addressing the housing needs of new urban residents, young people, and migrant workers.

By December 2023, it is reported that China has been renovating 53,000 old residential, benefiting 8.82 million households. Some 32,000 elevators, 746,000 new parking spaces, and 14,000 elderly and childcare facilities were added. About 100,000 km of city pipelines were improved.

The ministry will actively advance urban regeneration, including adding elevators and resolving parking difficulties in old residential communities, building more elderly and children-friendly facilities, and creating barrier-free environments. Also, it is stressed that more efforts will be made to improve urban underground pipeline networks, promote garbage sorting, and build more parks and public toilets in the vicinity of schools and kindergartens for a more liveable city environment.

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Edited by Liang Xiuchun