China Pledges to Tackle Housing Problem in Biggest Cities
Bloomberg 3/5/2021
(Bloomberg)
China pledged to solve the housing problem in large cities at its top legislative session, as monetary loosening after the pandemic spurred a rush to real estate in the biggest hubs, pushing home affordability there to the worst ever.
“We will address prominent housing issues in large cities,” Premier Li Keqiang told the National People’s Congress in Beijing on Friday. “We will make every effort to address the housing difficulties faced by our people, especially new urban residents and young people.”
Li repeated President Xi Jinping’s mantra that houses are “for living in, not for speculation” in the key report, signaling that policy makers may maintain a tight rein on the bubble-prone sector. “We will keep the prices of land and housing as well as market expectations stable,” he said.