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Xiongan will explore new real estate development model

China will explore a new path to reform the property market in the newly established Xiongan New Area in Hebei province, financial news portal stcn.com reported Thursday, citing Wu Hequan, deputy head of the expert advisory committee on the collaborative development of Beijing, Tianjin and Hebei under the State Council.

The reform process will include containing property prices without hurting the real estate industry, making sure those in need of an apartment could afford one and making the new area suitable for startup founders.

Wu said there are many ways to develop the real estate industry in addition to the traditional model, citing the model of Singapore as an example.

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