China to make housing development plans for 2024, 2025

China's Ministry of Housing and Urban-Rural Development on Tuesday requested local authorities to make housing development plans for 2024 and 2025.

The ministry issued a circular asking local authorities to estimate housing demand on the basis of demographic changes, scientifically arrange land supplies and channel funds to these property projects in line with housing demand.

Such an approach is adopted to secure the equilibrium of supply and demand and a reasonable structure in the real estate market, and to prevent drastic fluctuations in the sector, it said.

The ministry stressed the importance of both providing sufficient affordable housing and meeting the needs of housing upgrades when making housing development plans.