New area's housing policy set to show that renting is as good as owning

Updated 2017-09-12 09:31:18 Global Times

Xiongan New Area will encourage the concept that house rental is as important as home ownership, and more incentives will be rolled out to attract talented people to the region, the Beijing News reported on Monday.

Liu Baoling, deputy director of the management committee of Xiongan New Area, was quoted as saying in the Beijing News that housing policies are being developed to meet different segments' varying demand.

The Xiongan New Area will take an innovative approach to the real estate sector by pushing the importance of renting. "Houses are for living in, not for speculation," Liu said, noting that housing policies are being developed to create a good environment for young entrepreneurs.

China is seeking a new path for urban development and the construction of Xiongan New Area is expected to help with this. In early June, a policy advisor stressed that development of the new economic zone will not be "kidnapped" by property developers, the Xinhua News Agency reported on June 7.

Liu said that Xiongan New Area aims to provide relocated entrepreneurs and workers with homes they can rent. People who have been renting the houses for over 10 years will be qualified to purchase them, and such properties are frozen for further transactions for a certain period of time, or the government will be allowed to buy them back at a price slightly higher than the original figure plus interest, the report noted.

To attract more talented people, the salary levels in the new area will be in accordance with the standards in Beijing.

In 2016, the average annual salary for non-private sector employees in urban and rural areas in Beijing was 119,928 yuan (,409), Beijing-based news site reported on May 27.

And according to the China Economic Weekly on July 5, Beijing's average payroll ranks top throughout the Chinese mainland.

The Xiongan New Area will roll out the principle of "lean, unified and efficient" while setting up management institutions and improving administrative efficiency, Liu said. And in order to unleash the vitality of the new area's residents, strict performance management will be put in place and law and discipline-based management will be practiced, according to the report.

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