China's cabinet on Friday approved guidelines for planning and construction of affordable housing at a meeting chaired by Premier Li Qiang, state media Xinhua news agency reported. The move comes amid a deepening crisis in the country's property sector, with a rising risk of default among some developers as they struggle to sell apartments and raise funds. The guidelines will help improve people's livelihoods, expand effective investment and promote the stable and healthy development of the property market, Xinhua said, citing the cabinet meeting.
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