The Guangzhou city government recently announced plans to build 660,000 affordable homes by 2025, according to the Paper.
The announcement is part of an initiative to address young peoples’ struggles in buying and renting housing.
Earlier this month, Guangzhou officials introduced new measures to stabilize property prices in the provincial capital, with existing homes and apartments slated to lose some of their current value, as cited by Asia Times.
Housing has long been a key issue in China. In 2017, President Xi Jinping said in a speech to the National Congress that “housing is for living in, not for speculation.”
Measures have been launched in various cities in China, but have not had a significant impact on surging home prices in the country’s biggest cities.
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