BEIJING -- China will support the property market to better cater to the reasonable demand of home buyers and adopt city-specific policies to boost the virtuous cycle and healthy development of the sector, according to a statement released Friday after a key economic meeting.

Sticking to the principle that "housing is for living in, not for speculation," China will strengthen guidance on market expectations, explore new development modes, boost the development of home renting market, and promote the construction of government-subsidized housing projects, according to the annual Central Economic Work Conference held in Beijing from Wednesday to Friday.