Xi Touts ‘New Model’ of Property Development in Rare Meeting

Chinese President Xi Jinping called for the acceleration of a “new model” for property development, advocating a more measured approach to urban planning and upgrades while falling short of some investors’ expectations for more aggressive policies.

China will “steadily advance renovation of urban villages and dilapidated houses,” the official Xinhua News Agency reported, citing the Central Urban Work Conference held on Monday and Tuesday. The announcement follows a pledge by the government last October to renovate 1 million homes in older, rundown dwellings in large cities.