China vows to keep housing prices stable in 2020

China will strive to keep housing prices stable next year and continue to implement a long-term management mechanism to foster the healthy development of the property sector, the housing ministry said Monday.

The country will stick to the principle that "housing is for living in, not speculation" and must not take real estate as a short-term stimulus to the economy, said Wang Menghui, minister of Housing and Urban-Rural Development, at a national work meeting.

The country's property sector has remained stable in 2019 amid tailored housing regulations for different cities, Wang noted.

The ministry will step up support to ensure housing for low-income families in cities next year and further develop rental housing, he said.