China expects steady, sound growth of real estate

Chinese Premier Li Keqiang said on Sunday that he hopes to see "there will be steady and sound growth of China's real estate market in the long run." [Special coverage]

He said the government encourages people to buy homes for their personal use or buy second homes.

China is still a large developing country. Housing is not just an economic issue, but also one that concerns people's livelihood, he said.

The Chinese government needs to meet the basic housing needs of low-income people in China, Li said.

The government will take more steps this year to rebuild urban rundown areas homes and rural dilapidated homes, with one million units each.

Li stressed that the Chinese government has the responsibility to provide housing for the people in need.

The real estate market is governed by its own law, said Li, adding that China is such a large country with megacities, medium and small-sized cities, as well as small towns.

Conditions of these different cities and towns vary significantly from one to another. The central government has required local governments to enhance their responsibility to exercise regulation on local real estate markets and differentiate policies in line with local conditions.

Li made the remarks at a press conference after the conclusion of the annual legislative session.