Xinhua reported that Wen Jiabao presided over a December 14 State Council Executive Meeting in which China’s communist controlled government acknowledged that the country is facing real estate problems. Since the time China stimulated its economy, the already high-priced housing market experienced another upsurge, making it unaffordable for the average Chinese to attain decent housing. Many Chinese people live in sheds. The meeting attendees demanded that the government exert pressure, curb rising housing prices and increase the supply of non-luxury residential properties, such as low to mid-level priced and small to mid-level sized housing and public rental housing.
Source: Xinhua, December 14, 2009