China to develop housing system encouraging both purchase, renting

China will move faster to put in place a housing system that ensures supply through multiple sources, provides support through multiple channels, and encourages both housing purchases and rentals, said a statement issued Wednesday after the annual Central Economic Work Conference.

The country will develop its housing rental market, especially long-term leases, protect the rights of concerned parties, and support the development of professional and institutional housing rental enterprises, according to the statement.

A long-term mechanism that promotes stable and healthy development of the real estate market will be improved while maintaining consistency and stability of regulatory policies.

The statement said powers should be divided between central and local governments.

China will apply a differentiated property policy based on local conditions, according to the statement.

The conference outlined the country's economic work for 2018.