Shen­zhen to Boost Af­ford­able Hous­ing Stock

NewsChina - - NEWS BRIEF -

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.

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