This article describes the emerging housing policy framework in China, which includes three major affordable housing programs and a heavily regulated housing finance sector. The three programs are the Economical and Comfortable Housing (ECH) program, the Housing Provident Fund (HPF) program, and the Cheap Rental Housing (CRH) program. For each program, the authors examine how it works and whether it has been effective in achieving its policy objectives. They also describe the characteristics of China’s newly developed mortgage market and present some examples of the recent government efforts to regulate mortgage lending and to address concerns about potential real estate bubbles.
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