China's Housing Minister Announces 1 Million Additional Units, 4 Trillion Yuan Financing for Affordable Housing

Oct 17, 2024, 02:28 AM

China's Housing Minister Ni Hong has announced a comprehensive plan to address the country's housing market challenges. The plan includes the construction of 1 million additional housing units, with a focus on urban village and dilapidated housing renovations. Surveys indicate that 35 major cities require renovations for 1.7 million urban units. To support this initiative, the government will expand financing for housing projects to 4 trillion yuan, with commercial banks offering special loans. The plan also includes monetization measures for urbanization projects and the issuance of special local government bonds. Additionally, the housing minister emphasized the need for a balanced financial plan to avoid new local debt risks. The initiative aims to provide affordable housing for 4.5 million young people by the end of 2024, with monetary subsidies extended to low-income groups. This effort is conducive to reducing housing stock and will include all eligible real estate projects on the white list.