BEIJING- China's banking and insurance regulator issued guidelines urging banks and insurers to support development of affordable rental houses as it vows to keep the property market stable.

The China Banking and Insurance Regulatory Commission urged commercial banks to actively undertake affordable rental housing projects, according to a statement published on its website on Friday.

Insurers should provide long-term financing support to affordable housing projects, it said. (Reporting by Beijing Newsroom; editing by Jason Neely)