Shen­zhen plans rules on joint res­i­den­tial own­er­ship

China Daily (Canada) - - BUSINESS - By GAO CHANGXIN in Shang­hai gaochangxin@chi­nadaily.com.cn

Shen­zhen, one of the six cities picked in April to fur­ther test in­di­vid­ual-govern­ment joint home own­er­ship, is to un­veil de­tailed rules this month gov­ern­ing the trial pro­gram, which an­a­lysts said will al­le­vi­ate pres­sure on the property mar­ket.

Lo­cal me­dia re­ports quoted the Shen­zhen govern­ment as say­ing that an af­ford­able hous­ing project in the city will adopt the new own­er­ship struc­ture dur­ing the sec­ond half of this year.

An­other plan is be­ing con­sid­ered un­der which own­er­ship would be split three ways among home buy­ers, govern­ment and en­ter­prises, the re­ports said.

Press of­fi­cers with the city govern­ment could not be reached for com­ment on Thurs­day.

The cities, in­clud­ing Bei­jing, Shang­hai, Shen­zhen and Chengdu, where home prices are the high­est in the coun­try, were selected in April by theMin­istry of Hous­ing and Ur­ban-Ru­ral De­vel­op­ment to test the struc­ture.

The plan is in­tended to help ful­fill Pre­mier Li Ke­qiang’s prom­ise in March to in­crease the sup­ply of jointly owned homes this year to com­bat spec­u­la­tion.

Though the joint own­er­ship struc­ture has been adopted spo­rad­i­cally in the past few years since it was launched in Huai’an in Jiangsu prov­ince in 2007, the high-pro­file an­nounce­ment of the trial this year sig­naled the cen­tral govern­ment’s de­ter­mi­na­tion to give jointly owned homes a big­ger share in China’s hous­ing mar­ket.

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