Source: CCTV.com
12-01-2007 14:55
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China has released guidelines for affordable housing, along with new state measures on housing for low-income families. They come into effect on Saturday.
The Ministry of Construction, the National Development and Reform Commission, and five other ministries released the new guidelines.
According to the new guidelines, affordable home buyers will have limited property rights. Their apartments can only be sold to the local government up to five years after buying their home. And after five years, the government is entitled to some of the profit generated from a sale of their apartment.
Also, eligible applicants are no longer limited to city households with the lowest incomes, they also include lower-income urban families with housing issues.
According to the guidelines, the affordable apartments are limited to a maximum of 60 square meters per unit.
The government housing subsidies that help many low-income families afford their apartments will come from the rent on low-rent housing, housing provident funds, social donations and security funds. Local governments must also spend 10 percent of the local land-use fees to develop low-rent housing.
Editor:Liu Fang