Date
22 April 2018

Beijing rolls out plan for low-cost homes, website says

The Beijing municipal government has rolled out a plan to step up construction of low-cost houses in a fresh move to stabilize property prices, JRJ.com reported Thursday, citing an official guideline. The sale price of the houses, which must be owner-occupied and with floor place of less than 90 square meters, should be around 30 percent lower than the prevailing property prices in the neighborhood, it said. The municipal government will allocate land supply to build at least 20,000 such houses before the end of 2013, according to the report. A family which holds Beijing residence permit and does not own a home can apply for one such house. Such houses are not allowed to be traded within five years upon getting property ownership certificate. Sellers must pay the government 30 percent of the price difference between their purchase cost of the homes and the property market prices in the neighborhood if they sell the houses after five years.

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