Housing policy in China has undergone profound changes ever since the dismantlement of the in-kind welfare housing system in 1998. A modern housing system has emerged in China in line with a rapidly growing real estate sector. Meanwhile, China is also plagued with similar housing problems that western governments faced during their industrialization and urbanization and are facing now. In response, the Chinese government has attempted to tackle housing problems by imposing strict regulations on the real estate sector, introducing new affordable housing schemes, and channelling and even limiting housing consumption behaviours. However, the outcome has proved to be meagre. The unsound outcome has driven further policy changes. This paper presents an updated trajectory of housing policy development in the post-reform era. It concludes by discussing implications of housing policy changes on social development and argues that housing policy in China is at a crossroads and is ready for a major overhaul.

中國的住房政策在1998年解除實物福利分房制度後經歷了深刻的變化；現代住房制度和急速發展的房地產業一並在中國出現。同時，西方政府在工業化和城市化的過程中，以至現時都依然面對的住房問題，亦同樣困擾中國。中國政府面對住房問題的反應是嘗試以嚴格規管房地產業，引入新的可負擔的住房計劃，和誘導以至限制住房購買行為來處理；可是成效卻低得可憐。不理想的效果導致了更多的政策改變。本文記述了改革開放以來住房政策發展的軌跡，並討論住房政策改變對社會發展的影響，提出中國的住房政策正處於十字路口和已准備好作出重大的調整作結。

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