China aims to build 2.4 million subsidized rental homes this year to ensure housing for those in need, said the country's vice housing minister at a press conference (link in Chinese) on Thursday. 

Last year, the country supplied 942,000 subsidized rental homes in 40 populous cities, which was expected to solve the housing difficulties of nearly 3 million new residents and young people, according to Ni Hong, vice minister of housing and urban-rural development. 

In 2022, China will ensure the genuine demand for housing and keep the real estate market stable, Wang Menghui, minister of housing and urban-rural development also said at the press conference. 

The country will continue to implement the long-term regulatory mechanism for the real estate market in an effort to stabilize land and housing prices, and meanwhile meet reasonable needs for the improvement of housing, according to Wang. 

Ni also noted that the country will effectively eliminate any project delivery risks caused by individual property developers due to them defaulting on debt. 

"The primary goal is to guarantee the delivery of houses, keep people's livelihood and maintain stability," said the vice minister.  

Ni added that with market rules and laws, enterprises shall shoulder the main responsibility and local governments will take regulatory responsibility to maintain social stability and safeguard the legitimate rights and interests of house buyers. 

"We still unswerving adhere to the principle that 'housing is for living, and not for speculation.' We will not use the property market as a form of short-term stimulus to prop up the economy," he said.

The vice minister added that, "We will implement city-specific policies to promote the steady and healthy development of the market."