Govt to push development of long-term rental market

The Chinese government will continue to push forward the development of the long-term rental market to soften the pressure on the property market, the minister of housing and urban-rural development said on Monday.

"The property market has remained stable, as the price rise has been effectively slowed down and the market expectation shows positive signs ahead," Wang Menghui, said on the sidelines of the ongoing National People's Congress.

"China will continue its effort to build an effective price control mechanism to ensure the healthy development of the real estate market," he said. "We will encourage the rental market and speed up the transformation of shanty towns."

"The country will enhance supervision of the property market and crack down on housing agents and companies who violate the law and regulations," he added.