Beijing plans to encourage greater involvement from the government, citizens, property owners, and social capital in the city's campaign to renovate aging residential buildings, said a senior official from the city's housing and urban-rural development bureau.

During the 14th Five-Year Plan period (2021-25), the city has renovated 78 million square meters of old residential communities, said Wang Fei, head of the bureau, during a news conference on Friday.

"In the next five years, the city will intensify its efforts in urban renewal," he said.

Beijing has also increased the effective supply of affordable housing. The city has constructed and acquired over 670,000 units of various types of affordable housing, with 430,000 units already completed, he noted.

Since 2022, the city has provided 14,000 units specifically for university graduates, with more policies in the works to assist them with renting.