The State Council, China's cabinet, on Friday announced a host of new measures to help those that cannot afford to buy.
The guidelines outlined measures that aim to encourage property developers to expand into the rental business, regulations on rental agencies and steps to protect the interests of tenants. Commercial property will qualify for rental use and eligible businesses and agencies will be given tax breaks, according to the State Council.
China will also encourage rental agencies to issue bonds and real estate securitization products. The guidelines came as the government is seeking to build a diversified housing market amid rocketing property prices in major cities.
China's property sector continued to recover in April, with more cities reporting higher new-home prices.
Of 70 large and medium-sized cities surveyed in April, 65 saw new home prices climb month on month, up from 62 in March, data from the National Bureau of Statistics (NBS) showed.