Downward pressure on China's real estate market is continuing to build up. Since the end of last year, subsidized rental housing has been mentioned in official policies, suggesting that government support of residential construction might help offset the downturn in commercial housing.
The Politburo of the Communist Party Central Committee at its Dec. 6 meeting called for measures to "advance the construction of subsidized housing" with a higher priority than "supporting the property market to better cater to the reasonable demands of homebuyers." The subsequent Central Economic Work Conference called for "advancing the construction of subsidized housing," strengthening its language from the end of 2020.
