China to adapt policies to housing needs: official

BEIJING -- Different policies on different housing will support first-home buyers and upgraders in China and curb speculation in 2018, an official said Saturday.

"We should stick to the principle that housing is for living in, not for speculation, and improve the long-term mechanism to promote a steady, healthy housing market," Wang Menghui, minister of housing and urban-rural development, said at a meeting.

Market monitoring and analysis should be improved to ensure the accuracy of policies, he added.

"We should move faster to put in place a housing system that ensures supply from multiple sources, provides housing support through multiple channels, and encourages both house purchases and rental," he said.

Large and medium-sized cities with net population inflow should step up the development of housing rental market and set up state-owned home renting companies, according to the minister.

China will support home renting companies and build government-led rental management and service platforms.

Third- and fourth-tier cities and counties should continue to reduce unsold housing, Wang said.

China will also improve housing market order with a hardline stance on the violations by developers and property agencies, he added.

A statement released Wednesday after the Central Economic Work Conference said that China will maintain policy consistency and continuity and adopt differentiated property policies.