China’s new real estate model to be built on ‘3 major projects’, with cheaper property for urban migrants and young adults

China is planning to change the way it builds houses. The government in Beijing wants to create a new model for real estate development based on three key projects. These projects aim to make housing more affordable, especially for people moving to cities and young adults. The first project is about constructing affordable homes. The second project involves renovating old and crowded areas in cities, known as urban villages. The third project is about building emergency public facilities, like hospitals and fire stations. nnThe housing minister of China, Ni Hong, has stated that the country's real estate market is going through a tough time, but there's a chance to make it better. The old way of building lots of houses quickly is outdated. Now, they need a new approach that focuses on quality and meets the needs of the people. This new plan was discussed at a big financial meeting, and it's based on the idea that houses should be homes, not just something to buy and sell for profit. nnHowever, there are challenges to this new plan. Local governments might not be too excited about affordable housing because it could mean they earn less money from selling land. People are also hesitant to buy new homes because they're not sure if it's a good idea right now. Some experts suggest that the government should remove all the rules that make it hard to buy, sell, or get loans for houses. They also say that the government should help real estate companies that are following the rules but are struggling with money. This could prevent bigger problems in the economy. But banks are careful about lending money to these companies because they're worried they won't get it back. The government has to decide how to handle these issues without making the situation worse.