China Will Supply 6.5 Million Low-Cost Rental Homes in 40 Cities

China will supply 6.5 million new low-cost rental housing in 40 major cities in 2021-2025, aiming to meet rising demand in major cities as their populations grow. 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. 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.