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Home arrow Real Estate News arrow General News arrow Owners take up new housing laws

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Owners take up new housing laws
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Monday, 18 September 2006

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To favor middle and low income urban residents, China is expected to adopt new housing policies.  An important adjustment is to split current affordable apartments into two types namely, those for sale and those for rent.  This will then create the backbone of the nation’s housing assurance system in the future.

Cities will be encouraged to construct and lease out “low cost houses” for minimum earners.  Local governments will provide certain allowances for the tenants on rental fees. One controversial issue for real estate developers and insiders is that small apartments no bigger than 90 square metres must now account for 70 per cent of new homes being built.

By building low-cost houses, the nation will handle the problem of the large-number of urban people who cannot afford to buy a new house.

"Low-priced apartments are welcomed by the mass of people who participate in the distribution of social resources by purchasing new houses," said Meng Xiaosu, who is chairman of China Real Estate Development (Group).

Nowadays, the proportion of investment into economically affordable housing only accounts for 5 per cent of the total, which is far short of the increasing demand for new houses from middle- and low-income families, Meng said.


Edwina Baniqued

 
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