National People's Congress representative Yao Jinbo: The real estate market will not experience a general increase in price this year, but rather a structural recovery.

During this year's Two Sessions, Yao Jinbo, a national People's Congress representative and chairman and CEO of 58.com, was interviewed. He stated that this year's real estate policies are rich in content and worth paying attention to in terms of revitalizing existing stock, improving quality, and resolving risks. The market is expected to show a trend of structural recovery, with core cities leading the way in stabilizing. This year, Yao Jinbo proposed three categories of livelihood suggestions, specifically in activating the demand for improved housing. He suggested that the interest on loans for newly purchased homes should be included in the special deduction for personal income tax, in order to reduce the loan pressure on buyers and boost the demand for better housing.