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China's Housing Ministry: Sector faces new landscape during 15th Five-Year Plan period
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At a State Council Information Office press conference on September 18, officials from China's Ministry of Housing and Urban-Rural Development stated that the housing and urban-rural development sector faces a new landscape during the 15th Five-Year Plan period. The sector comprises three main areas: urban and rural construction, housing and real estate, and the construction industry. All three are at a critical stage of transformational development, summarized as 'two shifts, two transitions, and three transformations.' The 'two shifts' refer to urbanization shifting from rapid growth to stable development, and urban development transitioning from large-scale incremental expansion to quality and efficiency improvement within existing stock. The 'two transitions' in housing and real estate are the significant change in supply-demand dynamics and the entry into an era dominated by existing stock. The 'three transformations' in the construction industry are its transition toward intelligent, green, and integrated development.
Source report
Cailian Press, September 18 — The State Council Information Office held a series of themed press conferences titled "Starting Strong in the 15th Five-Year Plan." Officials from the Ministry of Housing and Urban-Rural Development stated that the housing and urban-rural development sector is entering a new landscape during the 15th Five-Year Plan period.
The sector encompasses three main areas:
- Urban and rural construction
- Housing and real estate
- The construction industry
All three areas are at a critical stage of transformational development, summarized as "two shifts, two transitions, and three transformations."
Two Shifts (Urban and Rural Construction)
- Urbanization is shifting from a rapid growth phase to a stable development phase.
- Urban development is transitioning from large-scale incremental expansion to a stage focused on improving quality and efficiency within existing stock.
Two Transitions (Housing and Real Estate)
- A significant change in supply-demand dynamics in the real estate market.
- The real estate sector has entered an era dominated by existing stock.
Three Transformations (Construction Industry)
- Toward intelligent development.
- Toward green development.
- Toward integrated development.
Source
财联社Eastern
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