Source: CCTV.com

01-21-2008 11:13

Authorities in Guangzhou have launched a new range of affordable apartments which are more than 30% cheaper than housing of comparable size and quality. But not everyone can hope to buy them.

Authorities in Guangzhou have launched a new range of affordable apartments which are more than 30% cheaper than housing of comparable size and quality. But not everyone can hope to buy them.(CCTV.com)
Authorities in Guangzhou have launched a new range of 
affordable apartments which are more than 30% cheaper 
than housing of comparable size and quality. But not 
everyone can hope to buy them.(CCTV.com)

BizChina's reports on the very specific conditions that come with any purchase of the so-called "three-limits apartments".

As the first batch of "three limits apartments" that are set to hit the market, the Xi Ziwan apartments have become the spotlight in Guangzhou.

Three thousand eight hundred potential buyers went through a lottery draw last week to see who would become the lucky few to be able to buy the apartments. Only a third were eligible.

But those who lost out in the draw need not worry too much. Because throughout 2008, 15 thousand additional "three limits apartments" will also be offered.

The so-called "three limits" refer to limits on prices, limits on floor-areas, and limits on who can purchase this sort of housing. An official clarifies the conditions for eligible purchasers.

Xie Xiaodan, Director of Narional Land and Housing Bureau, Guangzhou, said, "Buyers have to be Guangzhou residents. They have to be first time home buyers. So those who already own an apartment are not entitled. Only those who earn less than 200 thousand yuan a year as a family, or 100 thousand yuan as an individual will be allowed to enter the draw."

Housing authorities in Guangzhou say they believe this is one way to ensure accommodation for people of middle income levels, in a housing market that has experienced drastic inflation.

Compared to an average price of over 10,000 yuan per square meter, these "Three Limits" apartments will cost an average of just over 6,000 yuan per square meters.

The local government is also forbidding the re-sell or renting of these apartments, in a move to prevent speculation.

But some home buyers are not happy about the location of the "three limits apartments" complaining that it is difficult to access.

But the city government has already promised to improve public transport to these areas.

 

Editor:Zhang Pengfei