Business
21:44, 11-Aug-2017
Chinese cities take different actions to stabilize housing market
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In a bid to stabilize the country's housing market and curb speculation, several cities across China have implemented different incentives.
For the first time, Beijing floated the idea of joint property rights in a draft document released in early August, as part of the city's long-term housing controls.
Under such a policy, homeowners will not have the properties in their own names. However, they will be able to sell the shares in the properties after five years.
The draft plan also stated that at least 30 percent of homes under this new scheme should be allocated to the so-called "new Beijingers," referring to families without permanent household registration in the capital.
On July 17, authorities in the southern city of Guangzhou took a major step towards giving tenants and homeowners equal rights of access in local education resources.
Previously, only homeowners were able to enroll their children in nearby public elementary and middle schools.
China’s Ministry of Housing and Urban-Rural Development in July issued a notice, saying it would increase the supply of rental housing and set up a government-backed home rental service platform.
12 pilot cities including Guangzhou, Shenzhen, Nanjing and Hangzhou will carry out these measures first.
Internet giant Alibaba joined hands with Hangzhou authorities to establish the very first "smart rental service platform."
Big data technology will be introduced to ensure the credibility of both the tenants and homeowners.