BEIJING - China's housing conditions have significantly improved during the 14th Five-Year Plan period (2021-2025), with cumulative sales of new commercial residential buildings reaching approximately 5 billion square meters of floor space, Minister of Housing and Urban-Rural Development Ni Hong announced at a press conference on Saturday.

During the 2021-2025 period, China built or raised various government-subsidized housing, redeveloped urban villages and renovated old and dilapidated houses, totaling over 11 million units, which have benefited more than 30 million people, Ni said.

The construction industry has continuously achieved new milestones in scale, with its total output value reaching 32.7 trillion yuan ($4.6 trillion) in 2024, and the added value hitting 9 trillion yuan.

The level of modernization in the construction industry has also improved markedly, Ni noted, citing the Beijing Winter Olympic venues as an example.

Meanwhile, the existing housing market continues to expand, with 15 provincial-level regions reporting that second-hand residential transactions have exceeded those of new homes, according to Dong Jianguo, vice-minister of housing and urban-rural development.

"We will promote the building of quality homes that are safe, comfortable, eco-friendly, and smart, continuously meeting the basic and improved housing needs of the people," Ni added.