(Yicai) Aug. 29 -- China has brought out a guideline on promoting high-quality urban development and accelerating relevant transformation patterns, including several measures related to the real estate market, such as unleashing the potential of existing urban resources.

China's urban development is shifting from a large-scale incremental expansion phase to one focused on improving the quality and efficiency of existing resources, according to a document jointly released by the Central Committee of the Communist Party of China and the State Council, the country's cabinet, today. Urbanization is transitioning to stable development from a period of rapid growth.

By 2030, significant progress will be made in building modern, people-centered cities, accompanied by marked improvements in living standards and a shift towards greener practices, aiming to achieve this vision by 2035, the document said.

"As we enter the stage of improving existing assets, the core logic of urban development has shifted from scale expansion to quality enhancement," said Feng Bo, deputy director of the urban construction and development research institute in Chengdu. "For urban space utilization, it is essential to strictly control 'new supply' while promoting the 'systematic revitalization' of existing spaces through functional transformation."

Regarding the real estate market, the guideline calls for a comprehensive assessment of urban assets and resources, including buildings, facilities, and land, highlighting the need to renovate and repurpose existing properties, such as old factories, underperforming offices, and idle traditional commercial facilities. In addition, it suggests establishing a planning adjustment mechanism that aligns with functional building conversions and mixed-use development demands.

Promoted should be the building "quality homes" to better meet people's essential needs and their various demands for better houses, enhancing the entire chain of design, construction, maintenance, and service quality, while vigorously advancing the development of safe, comfortable, green, and smart "quality homes."

The guideline also promotes the steady renovation of urban villages and dilapidated homes, while supporting the self-upgrading of old residential buildings, including reconstruction on the original site or redevelopment.

China needs to set up a comprehensive safety management system for the entire lifecycle of buildings, including safety inspections, safety management funds, and quality and safety insurance, with strict restrictions on constructing super high-rise buildings and enhancing high-altitude firefighting capabilities. Actions will be taken to renovate and improve prefabricated buildings in urban areas and strengthen homes and infrastructure in earthquake-prone regions. Efforts will also be made to enhance the regulation of group rental housing and related issues.

According to reports, Shanghai and 21 other Chinese cities are conducting pilot programs to establish a long-term mechanism for the entire lifecycle management of house safety.

"The guideline is essentially a refinement of the previous Central Urban Work Conference, clarifying the functional positioning of cities," noted Yan Yuejin, deputy director of the Shanghai E-house China Research and Development Institute. "It also touches on various real estate-related aspects, including activating existing resources, urban renewal, and renovation of dilapidated homes.

"The future urban development goals are very clear: innovation, livability, beauty, resilience, civilization, and intelligence," Yan pointed out. "The guideline provides a highly positive guiding role for China's new round of urban development."

Editor: Martin Kadiev