China's first 5-year urban renewal plan doubles renovation targets for dilapidated housing to stabilize market

The State Council of China has issued the '15th Five-Year Plan for Urban Renewal,' the first of its kind. The plan sets a target of renovating 500,000 dilapidated housing units from 2026 to 2030, double the previous period, alongside the renovation of 4,000 urban villages. Analysts suggest this will stimulate housing demand and support market stability. The focus is shifting from new development to activating existing urban assets and converting them into affordable housing.