At a press conference held by the State Council Information Office on September 18, focused on the "15th Five-Year Plan" series for a strong start, a senior official from the Ministry of Housing and Urban-Rural Development highlighted a pivotal change in the country's real estate landscape.

Chen Shaowang, the ministry's spokesperson and vice minister, noted that the housing and urban-rural development sector encompasses three key segments: urban-rural construction, housing and real estate, and the construction industry. All three are now at a critical juncture of transformation, characterized by what he described as "two reorientations, two shifts, and three transitions."

The "two reorientations" pertain to urban-rural construction, indicating that urbanization is moving from a phase of rapid growth to one of stable development, while urban expansion is transitioning from large-scale incremental growth to a focus on enhancing the quality and efficiency of existing stock.

The "two shifts" refer to the housing and real estate sector: first, the significant change in the supply-demand dynamics of the property market, and second, the industry's entry into an era dominated by existing housing stock.

The "three transitions" relate to the construction industry, which is evolving toward smarter, greener, and more integrated practices, as outlined by the official during the briefing.