Shenzhen to Boost Affordable Housing Stock
Shenzhen's local government will reform the local housing market to see it dominated by affordable, government-built apartments, which will make up three-fifths of total housing.
According to the new plan, the new policy aims to enable those on a low income, particularly migrant workers, to have a proper residence as the price of luxury apartments continues to rise.
The document states that government-built apartments will be classified into three types – those for workers with highly-sought after skills, those for working people whose income is below the defined upper limit, and those on low incomes.
The first two types will have a restricted area and be allow to be both bought and rented, while the last type will be for renting only. The government pledges to build no more than one million such social apartments by 2035.
Analysts see Shenzhen's new policy as a strong and positive response to the central government's order to curb real estate investment, and said it could be rolled out in other cities.