China's housing ministry and top financial regulator jointly unveiled a plan on Friday to set up a financing coordination mechanism for the real estate sector, suggesting renewed efforts by policymakers to revive the sluggish housing market.

The mechanism aims to satisfy the legitimate financing needs for real estate projects more precisely and boost a stable and healthy development of the housing sector, according to a statement by the ministry and the regulator. (Reporting by Ellen Zhang, Ella Cao and Liz Lee; Editing by Toby Chopra)