MNI BRIEF: China To Quicken New Model For Real Estate

China will accelerate the development of a new model for real estate, promoting the renovation of urban villages and dilapidated houses, according to the Central Urban Work Conference held in Beijing during the past two days, the state-run CCTV News reported.

Authorities should focus on developing modern city clusters and metropolitan areas to improve cities’ carrying capacity for population, economic and social development, while also pushing urbanisation of migrant workers with county towns as the main carriers, the meeting said.

MNI noted the meeting came with further weakness in real estate data released Tuesday by the National Bureau of Statistics, among which property investment fell by 11.2% in H1, expanding from the 10.7% decline in the first five months and hitting the lowest level since Feb 2020. (See MNI: China Likely To Lower Homebuying Down-payment Ratios)