Reports from the Chinese Ministry of Housing and Urban-Rural Development

China's Ni Hong Announces 1 Million Housing Units, 4 Trillion Yuan Support for 4.5 Million Young People

Oct 17, 2024, 02:29 AM

China's Housing Minister Ni Hong has announced a comprehensive plan to address the country's housing challenges. The plan includes the construction of an additional one million housing units aimed at reducing housing stock and renovating urban villages and dilapidated houses. Commercial banks will offer special loans to support these projects, and there is room to increase support beyond the initial one million units. The minister also plans to expand the white list of projects, with bank lending expected to reach 4 trillion yuan. Monetisation measures will be adopted for urbanisation projects, and special local government bonds may be issued. Additionally, the minister aims to provide affordable housing for 4.5 million young people by the end of 2024. Monetary subsidies will be extended to low-income groups to support affordable housing on a demand basis, ensuring a balanced financial plan to avoid new local debt risks.