China Vows to Accelerate New Affordable-Housing Model
- Steps up commitment to promote renting along with buying
- Event also signals further loosening of home-buying measures
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China’s ruling Communist Party pledged to accelerate a new housing model that emphasizes renting and ramps up affordable homes, following a record property slump.
The party’s Central Committee said the new model will promote both renting and buying, in line with its call made since 2017, according to a resolution published by the official Xinhua News Agency on Sunday. China will also build and supply more affordable residences to meet the needs of working-class people, the top leadership said after a key meeting in Beijing.