China to build more subsidized rental homes to meet housing needs

BEIJING -- China will build more subsidized rental homes and renovate old residential communities in the next few years to ensure housing for those in need, according to the Ministry of Housing and Urban-Rural Development.

During the 14th Five-Year Plan (2021-2025) period, China plans to add 6.5 million government-subsidized rental homes in 40 key cities to help an estimated 13 million people in need of affordable housing, said Pan Wei, an official with the ministry, at a press conference on Tuesday.

Around 219,000 old residential communities built before the end of 2000 in urban areas will be renovated by 2025 to afford more comfort to the residents, said Pan.

The country also announced plans to mend rickety rural homes or upgrade those in earthquake-prone rural areas, while the housing provident fund is expected to cover more people in the workforce, he said.

Such plans are part of the housing services outlined in China's 14th five-year plan (2021-2025) for public service issued on Monday.