Better rental rules urged to unleash housing resources

Updated 2017-07-21 09:16:57 Global Times

Nine government departments jointly released announcements requiring medium and large cities to step up efforts to improve rules guiding the housing rental market, according to a statement on the website of the Ministry of Housing and Urban-Rural Development on Thursday.

According to the statement, 12 cities have been chosen to carry out pilot rental market reforms. The statement also encourages local authorities to create transaction platforms that offer rental information and protect the legal rights of home owners and especially tenants.

Local governments need to unleash land and housing resources with regulations that will benefit people over the long run, Chen Zhi, secretary-general of the Beijing Real Estate Association, told the Global Times on Thursday.

"Take Guangzhou, capital of South China's Guangdong Province, for example. The city has taken the initiative to offer rental tenants the same rights as housing owners to educational access, tax rebates and monetary support. This can help guide the market for healthy growth," he said.

The move is expected to provide more rental options, which will be helpful for migrant workers flowing into major cities to settle down, Xue Jianxiong, president of asset management firm UTC, told the Global Times on Thursday.

In addition, developing rental markets will also improve capital stability for developers and curb systemic financial risks, according to Xue. "When the domestic rental market becomes sustainable, developers will generate stable revenue, which will stabilize the domestic banking system as well," he said.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 17 2019 04:02:30

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 17 2019 04:02:30

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 17 2019 04:02:30

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords