China to diversify sources of residential land supply

BEIJING - China will seek new sources of residential land supply to improve housing, and gradually the government will no longer be the sole provider of residential land.

Authorities will work on plans to let non-real estate companies build residential housing on land of which they have obtained use rights, said Minister of Land and Resources Jiang Daming at a national conference.

The government will also allow rental housing on rural land to increase rental options, the minister said.

From last August, rural collective economic organizations can build and rent housing on rural construction land by themselves or through joint ventures on a trial basis in 13 Chinese cities, including Beijing, Guangzhou and Shanghai.

China will move faster to put in place a housing system that ensures supply through multiple sources and encourages both housing purchases and rentals, according to the annual Central Economic Work Conference last month.

The country will develop its housing rental market, especially long-term leases, and support the development of professional and institutional housing rental enterprises.