Finer home searches rejuvenate property portfolio

BEIJING — Stepping into a model apartment, a homebuyer surnamed Liu was immediately struck by the bright, open layout. Right at the entrance, a small garden seamlessly flowed into the dining area and kitchen, creating a single airy space bathed in natural light.

The park-inspired residential project in Chengdu, in Southwest China's Sichuan province, features an adventure playground, camping-friendly lawns and wooded trails. "I value the outdoor facilities here for both kids and their grandparents," said Liu.

More and more homebuyers like Liu are increasingly shifting their focus from simply "having a place to live" to seeking "livable quality", which is injecting new impetus into China's property market.

Over the past few years, China's real estate market has seen a significant shift in the supply-demand relationship as the country's urbanization has shifted from rapid growth to stable development, said Li Yujia, chief researcher at the Guangdong Housing Policy Research Center.

According to a circular released by the Ministry of Housing and Urban-Rural Development on the development of the construction sector during the 14th Five-Year Plan period (2021-25), people's housing needs are changing from a mere space to hang one's hat to a high quality living space, which provides the construction sector with unprecedented opportunities for transformation.

Industry insiders believe that the real estate sector is transitioning from rapid, debt-fueled expansion to quality-driven development.

In March, the phrase "quality homes" was featured in the Government Work Report for the first time.

Many cities have proactively adjusted their land supply structures by reducing overall volume and focusing on premium plots. A growing number of "small but refined" units are being released to better support high-quality residential development.

In Hangzhou, capital of East China's Zhejiang province — a major urban property market — about 90 percent of residential land parcels sold this year have a planned construction area of less than 90,000 square meters. These plots typically feature complete support infrastructure and moderate floor area ratios, making them well-suited for building quality homes.

On May 1, new national standards for residential projects took effect, putting the improvement of housing quality on a faster track. The updated guidelines set higher requirements for factors such as ceiling heights, elevator access and soundproof insulation, providing a clearer framework for building quality homes.

Xinhua