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That will ease living difficulties for 13 million young people,
Pan Wei, an official from the Ministry of Housing and
Urban-Rural Development said at a news briefing in Beijing,
according to an official transcript.
China has stepped up efforts to address housing issues faced by
young people particularly, amid soaring home prices in large
cities, under President Xi Jinping's "common prosperity" plan.
The development push for affordable rental housing is focusing
on cities with large population inflows and high home prices,
Pan said.
Tier-one cities like Beijing and Shanghai will supply a total of
1.87 million units of low-cost rental housing in 2021-2025,
according to Reuters' calculations based on plans published by
cities.
In 2021, 936,000 units were offered in 40 cities, housing 2
million young people, said Pan.
China's property downturn is expected to continue in 2022, with
monthly new home prices declining and a liquidity crisis that
has engulfed some major property developers.
Chinese regulators are marginally easing curbs on the property
sector to prevent a hard landing and to meet the demand from
non-speculative home buyers.
(Reporting by Liangping Gao and Grabriel Crossley; Editing by
Christian Schmollinger)
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