Rules to provide affordable housing to needed families
Updated: 2007-09-04 10:33
"Standard housing in suburban areas, however, may lose part of its market share due to a jump in the supply of affordable housing," said Pan Shiyi.
According to Ye Tan, chief commentator on the National Business Daily, the circular will set China's real estate sector back on track. "Low-income families will resort to low-rent housing, and low- to medium-income families will be able to get affordable housing while the the remainder will buy standard housing."
Guangzhou, Beijing and Shanghai, which have seen the largest property price rises in recent years, are now actively working on the circular's detailed rules.
Guangzhou's mayor is planning to give a press briefing on the new circular, insiders said. And Beijing is also poring over the rules, based on two previous documents on low-rent and affordable housing.
Beijing's municipal government said early this year the city will construct 300,000 sqm of low-rent housing this year, 10 million sqm of affordable housing and 10 million sqm of fixed-price housing within three years. Beijing's Indemnificatory Housing Office has strengthened its screening process for indemnified homebuyers.
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