'No crisis will occur' in housing within a decade

There won't be a crisis in China's property sector within a decade, thanks to the urbanization process, government officials said when attending the sessions of the legislators and political advisers.

"We need to address the housing problem of 100 million rural residents who will move into cities in the next 10 to 15 years, which helps support the real estate sector," said Qiu Baoxing, vice-minister of housing and urban-rural development.

"But now is the time to take some measures in advance; otherwise, the market will collapse when demand diminishes at the end of the urbanization process," said Qiu.