Sign in Subscribe
Housing

China Unveils Ambitious Plans for Housing and Urban Development

Strategic Insights

— 2 min read

China's State Council has issued a press release announcing the country's progress in high-quality development of housing and urban and rural construction during the 14th Five-Year Plan period. The plans aim to improve the quality of urban living environments, accelerate the transformation and upgrading of the construction industry, and deepen reforms in the field of housing and urban-rural construction.

Key Takeaways:

  • Over 7.5 million sold and difficult-to-deliver housing units have been delivered during the 14th Five-Year Plan period.
  • The housing and urban-rural development system will focus on ensuring the basic housing needs of people in need, with a multi-tiered housing security system encompassing public rental housing, affordable rental housing, and allocated affordable housing.
  • Over 11 million units of various types of affordable housing and resettlement housing will be built and raised, benefiting over 30 million people.
  • Policy support for home purchases has been continuously strengthened, including lowering down payment ratios and interest rates for housing provident funds and commercial bank loans.
  • The construction industry is expected to reach 32.7 trillion yuan in output value by 2024, a 24% increase from 2020.
  • The "China Construction" brand has gained international recognition, with a cumulative contract value of overseas contracting projects exceeding US$1 trillion from 2021 to 2024.
  • A new model for real estate development will be accelerated, focusing on coordinated risk prevention, supervision, and innovative development models.
  • The housing and urban-rural construction sector will continue to consolidate and enhance world-leading technologies, focusing on addressing bottlenecks and promoting the application of practical technologies that benefit the people.

Statistics:

  • Over 7.5 million sold and difficult-to-deliver housing units have been delivered during the 14th Five-Year Plan period.
  • 240,000 older urban communities were renovated nationwide, benefiting over 40 million households and 110 million residents.
  • 56,000 residential communities underwent aging-friendly and barrier-free renovations, with 28 million square meters of new cultural, leisure, and sports and fitness venues added.
  • 64,000 community service facilities, including those for elderly care and childcare, were added.
  • 15.4 billion square meters of construction will be completed from 2021 to 2024, with 79,000 kilometers of municipal roads, 3,429 kilometers of urban rail transit, and approximately 16,000 kilometers of railways.
  • The cumulative contract value of overseas contracting projects exceeded US$1 trillion from 2021 to 2024, with a turnover of US$640 billion.

Sources:

  • Ni Hong, Minister of Housing and Urban-Rural Development
  • Dong Jianguo, Vice Minister of the Ministry of Housing and Urban-Rural Development
  • Qin Haixiang, Vice Minister of Housing and Urban-Rural Development
  • Li Xiaolong, Vice Minister of the Ministry of Housing and Urban-Rural Development
  • State Council Information Office
  • China's State Council
  • https://www.gov.cn/lianbo/bumen/202510/content_7044019.htm (Original story)

Read more