Beijing unveils joint ownership housing scheme

Updated 2017-09-21 09:00:53 Xinhua

Beijing unveiled a scheme to introduce homes with property rights to be shared by the government and buyers Wednesday.

According to a document issued by the city's housing authorities, individual buyers will be able to buy a share in such homes and still have the full right of use.

The policy has several restrictions. Buyers and their families cannot already own homes in their name. They should have no records of home transfers. Single people making purchases must be at least 30 years old. And a family can only apply for one home. The buyers enjoy equal rights in household registration and children's schooling as other home owners.

"The new model lowers the threshold for house ownership, makes things more affordable for families and can cut government expenditure," said Liu Hongyu, a real estate researcher at Tsinghua University.

New housing policies have also been piloted in other major cities to stabilize the property market in accordance with the instruction by central authorities that "houses are built to be lived in, not for speculation."

In July, authorities in the southern city of Guangzhou decided to give tenants and homeowners equal rights to local education resources.

In many Chinese cities, the right to attend schools is limited to the children of homeowners rather than tenants. Guangzhou is the first top-tier Chinese city to grant such rights to tenants.

According to the Ministry of Housing and Urban-Rural Development and other government departments, measures would be taken in cities with net population inflows, including increasing rental housing supplies and setting up a government-backed home rental service platform.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 24 2018 11:42:55

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 24 2018 11:42:55

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 24 2018 11:42:55

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.

Most Watched

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