BEIJING — China will launch a new three-year renovation plan to address housing in rundown urban areas, starting with construction of 5.8 million units this year, according to a government work report.
“People’s housing needs will be better addressed this year,” said the report on March 5.
The report reiterated that “houses are for living in, not for speculation.”
“We will support people in buying homes for personal use, and develop the housing rental market and shared ownership housing,” said the report.
“We will step up efforts to supply public-rental housing so that all eligible low-income families struggling with housing, including eligible houseless first-time workers and migrant workers, are able to access public-rental housing under this scheme,” said the report.