Beijing issues guidelines for joint ownership housing

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Beijing's housing commission on Saturday issued a construction guideline on joint ownership housing, which will be effective from September 30.

China's housing authority has endorsed a pilot joint ownership housing scheme in Beijing and Shanghai as part of government efforts to stabilize the property market.

In the next five years, a total of 250,000 such homes will be provided in Beijing.

According to Beijing's guideline, the houses will be constructed in the city's six central districts. Houses will be no bigger than 90 square meters. The commission requires housing developers to consider families with two children, as well as seniors, in housing design.

From August 30, the commission initiated consulting of public opinions on the design of the housing and the supply of necessary public facilities.

Based on public suggestions, the guideline requires communities to be equipped with barrier-free facilities and public squares.

The government has imposed restrictions on who can buy the houses. For example, buyers and their families cannot own homes at the time of a new purchase. A single person making the purchase must be at least 30 years old, and a family can only apply for one such home.

The scheme is in line with the view of central authorities that "houses are built to be lived in, not for speculation," and should make home prices cheaper by allowing buyers to share property rights with the government.

Beijing's guideline requires that buyers do not change the interior decoration of the houses for five years.

Source(s): Xinhua News Agency