A team from the Committee on Economic Affairs of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) carried out a survey in East China's Shandong province from Sept 8 to 12 that focused on fostering a new real estate development model. The survey was led by Gao Yunlong, vice-chairman of the CPPCC National Committee and chairman of the All-China Federation of Industry and Commerce.  

The team went to the cities of Qingdao, Rizhao and Jinan, visiting affordable housing projects, urban village renovation sites and urban public infrastructure construction sites. They held discussions with representatives of government departments, industry associations and enterprises to learn about Shandong's practices and experience in promoting new approaches to real estate development. 

The team acknowledged Shandong's efforts in implementing the decisions and plans of the Communist Party of China (CPC) Central Committee on real estate development, and prioritizing housing development. The province has achieved notable progress in stabilizing the property market, meeting the diverse housing needs, advancing fundamental institutional reforms, and accelerating the real estate sector's transformation, they noted. 

They stressed that the third plenary session of the 20th CPC Central Committee called for accelerating the fostering of a new real estate development model. This is a strategic measure in response to major changes in the supply-demand dynamics of China's housing market, aimed at ensuring its steady and sound growth, they noted. 

They called for further efforts to improve the effectiveness of policies, boost market confidence, unleash demand for both rigid and diverse housing needs, revitalize existing housing stock while optimizing new supply, support quality enterprises and foster a virtuous cycle between finance and real estate sectors. 

The CPPCC, they added, will give full play to its role as a specialized consultative body, conduct in-depth research into major issues in the property market, pool wisdom, and help promote the stable, healthy, and high-quality development of the real estate sector.