Xi Jinping Urges Shift Toward Smarter Urban Development Amid Real Estate Crisis

Xi Jinping Urges Shift Toward Smarter Urban Development Amid Real Estate Crisis

PRAVDA

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Chinese President Xi Jinping has called for an acceleration in the implementation of a new model for real estate development, emphasizing a more balanced and deliberate approach to urban planning. The remarks were made during the Central Conference on Urban Work, where officials reaffirmed plans to renovate one million homes in aging neighborhoods of China’s major cities. The initiative reflects a shift away from expansive construction toward improving the quality and livability of existing urban spaces. Despite expectations, the conference did not produce specific support measures, leading to disappointment among investors. The prolonged downturn in China’s property sector continues to weigh heavily on consumer sentiment and hampers broader economic recovery. Recent data shows that new home prices dropped at their steepest rate in eight months.

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