Xi Jinping introduced the slogan "houses for living, not speculation" in December 2016 to curb property market speculation. The phrase first emerged at the Central Economic Work Conference and later became a cornerstone of China's real estate policy at the 19th National Congress. It reappeared in Premier Li Keqiang's 2018, 2020, 2021, and 2023 government work reports but was absent in 2019 and 2024, signaling shifting priorities.

The policy aims to address systemic risks from real estate speculation, which surged due to limited financial alternatives post-reform era. Measures include the 2020 "three red lines" debt curbs, restrictions on credit expansion, and efforts to prioritize rental housing. These steps target excessive investment in property while promoting affordable housing access.

The slogan reflects broader economic adjustments, as China balances growth with stability. By discouraging speculative buying, the government seeks to reduce local governments' reliance on land finance and mitigate financial risks. However, debates persist over implementation challenges and long-term housing affordability.

Central Economic Work Conference (2016) marked the policy's genesis, while its recurrence—or absence—in annual reports highlights evolving enforcement. Analysts note these moves aim to realign real estate with its core purpose: providing shelter, not driving speculative gains.