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Beijing caps rents

To make housing more affordable in China’s cities, housing rents will be allowed to increase by no more than five percent annually in the future. “New urban residents and young people have worked for a relatively short time and have little income, so their ability to buy homes and pay rent is weak,” Vice Housing Minister Ni Hong said on Wednesday. In major cities, 70 percent of all newcomers, especially young people, rent an apartment.

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