This Day, That Year

Editor’s Note: This year marks the 40th anniversary of China’s reform and opening-up policy.

Since 1978, when the central government promoted the commercialization of city housing, the country’s real estate market has experienced rapid growth with high prices and sales, giving a major boost to economy.

In December, median home prices in Beijing topped 67,822 yuan ($10,715) per square meter, followed by Shanghai at 52,584 yuan per sq m, according to the latest statistics released by the Chinese Academy of Social Sciences.

To cool the market, about 110 cities introduced more than 270 restrictions to tame skyrocketing home prices last year, according to Centaline Property.

Thanks to the policies, the National Bureau of Statistics said in a recent statement that home prices were “stable, while slightly lower” in January, as 11 major cities fell year-on year.

To encourage homeownership, central and local governments have launched a series of affordable housing programs in recent years.

To develop and expand the housing rental market, in July the central government launched pilot programs in 12 big cities, including Shanghai and Guangzhou, Guangdong province.

These cities will pilot multiple-channel housing offerings to residents who rent, including university graduates, migrants and relocated staff.

State-owned enterprises with expertise and experience in the real estate sector are also encouraged to operate in the residential leasing market by developing and managing largescale leasing projects.