China expects robust and rigid housing demand, aims to secure supply

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Xinhua– China expects robust and rigid demand for housing, the country’s housing regulator said on Thursday, with demand in the sector buoyed by an influx of migrants to urban areas and people’s desire for better housing.

More than 11 million new jobs are created in urban areas every year, a factor that has generated rigid housing demand in the country, Wang Menghui, minister of housing and urban-rural development, said at a conference. Press.

China is still in the stage of rapid urbanization, as indicated by the growing population and number of families in urban areas, Wang noted.

Official data shows that the number of permanent urban residents in China had risen to 64.72 percent of its population by the end of 2021, and that number is expected to continue growing as the country’s urbanization drive continues.

China’s urban development has entered a crucial phase of urban renewal and the country is enjoying strong domestic demand, Wang said, explaining that this process involves upgrading old infrastructure as well as building it anew.

Taking these requests into account, the ministry plans to increase the supply of government-subsidized rental housing, including the provision of 2.4 million units this year, and to renovate more than 1.2 million units in dilapidated areas, according to Mr. Wang.

While rolling out policies to address both rigid housing demand and demand for improvements, China will also strive to stabilize land and house prices, as well as expectations.

The reconstruction of old urban residential communities, as well as major renovation projects such as urban pipeline networks, will be encouraged, Wang said, adding that the country also aims to push forward the construction of new digitized infrastructure, based on the network and intelligent.

At an annual economic meeting that set the tone in December, China pledged to better meet reasonable demand from homebuyers and adopt city-specific policies to boost the virtuous cycle and development of the sector.

Since the real estate sector is an important sector for strengthening the domestic market, the ministry will take measures to increase domestic demand and stabilize growth, thereby contributing to broader economic development, Wang said.

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