New guidelines aim to boost affordable rental housing

China unveiled a guideline on Friday to strengthen financial support for the rental housing market in a bid to effectively boost the supply of affordable and commercial rental housing.

The guideline, released by the People's Bank of China and the National Financial Regulatory Administration, said the financial system is encouraged to support various entities in constructing, redeveloping and operating long-term rental housing projects and make better use of existing housing resources to meet the housing needs of newcomers to cities and young individuals.