BEIJING — China’s housing rental market was estimated at 1.3 trillion yuan (about $205 billion) in terms of revenue last year, according Liu Zhifeng, head of China Real Estate Association.

With a government campaign to improve the rental market, China is seeing a steady increase in the supply of rental houses, Liu said at a recent seminar.

However, problems such as unbalanced supply and demand and insufficient regulation still exist, he pointed out, calling for the introduction of a detailed regulation on housing rental and improved standards for management of the sector.

Qin Hong, head of a research center under the Ministry of Housing and Urban-Rural Development said the key to addressing the weak links in the market is through legislature to better protect both the interests of the owners and tenants.

In 2017, China’s property market, once deemed a major risk for the broader economy, cooled down amid tough curbs such as purchase restrictions and increased down payment requirements as the government sought to rein in speculation.

With the market holding steady, Chinese authorities aim for a “long-term mechanism” for real estate regulation and a housing system that ensures supply through multiple sources and encourages both housing purchases and rentals.