Hunan’s housing department will buy commodity apartment units and transform them into affordable housing for its shantytown rebuilding program.
The measure is part of efforts to promote the stable and healthy development of the property market in the south-central province, according to a document released by the Hunan Provincial Department of Housing and Urban-Rural Development.
The commodity houses will be transformed into low-rent or affordable housing for people living in shanty towns under reconstruction, Sina Finance reported on Tuesday, citing a local newspaper report.
“The biggest change in this policy is the government no longer needs to build new low-income housing, but will purchase suitable commodity houses of average size and match housing stocks in the market with the need to provide affordable housing for the shantytown reconstruction,” an official with the Hunan housing department was quoted as saying.
The new policy aims to correct a situation in the past where people did not want to live in affordable housing units built by the government because they were in remote areas and had inadequate support facilities, the official said.
Some 4.5 million people will be affected in the rebuilding of shanty towns in urban areas in Hunan from 2014 to 2017, accounting to about 13.4 percent of people living in cities and towns, the report said, citing official figures.
The move came after the Fujian provincial government rolled out new measures to improve the housing market on Aug. 8, the report said.
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