China will build millions of low-cost rental housing by 2025, in line with President Xi Jinping’s drive for “common prosperity” and as the government seeks sustainable alternatives to a slumping property market.

A total of 6.5 million homes for leasing purposes will be built across 40 major cities in the five years through 2025, Pan Wei, an official with the Ministry of Housing and Urban-Rural Development, told reporters Tuesday.

The homes will account for around 26% of new housing supply in the cities during the 14th five-year plan period and benefit 13 million young people and new residents, he added.

Learn more about the plans at the link in bio.