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Government backs trials of joint home ownership
Print Edition
CHINA’S government is to give its full support to trial operations on joint-ownership properties in Shanghai and Beijing as part of its efforts to stabilize the property market, the housing ministry said yesterday.
The scheme aims to provide affordable housing to people who have difficulties in purchasing a home and push supply-side reform in the housing sector, according to a notice issued by the Ministry of Housing and Urban-Rural Development.
Both cities will be encouraged to make “systematic innovations and bold exploratory efforts” in areas including the construction of joint-ownership properties, property rights division, property use and management as well as the transfer of property rights, in a bid to gain experience that can be replicated in other parts of the country, the ministry said.
The trial operations are part of a national endeavor to guarantee people’s basic residential needs, it said.
Joint-ownership properties refer to homes in which the city governments and home buyers share ownership. When the homes are sold, buyers pay back a certain proportion of their profit.
According to Beijing’s policy, the government offers support in areas such as land prices and policy while holding a share of the property rights, and buyers must pay a share of the price according to their share of the property rights. Buyers enjoy the same rights in household registration and children’s schooling as other home owners.
The policy has several restrictions, including that buyers and their families cannot already own homes, single people making purchases must be at least 30 years old, and a family can only apply for one home.
Reiterating “houses are built to be inhabited, not for speculation” — the tone set by the central government — the ministry urged local authorities to work out detailed regulations, which cover the criteria for qualified buyers, property pricing, ownership division and transfer, property management and others.
Both cities have made achievements, the ministry said.
By the end of 2016, about 89,000 joint-ownership housing units had been provided in Shanghai while Beijing plans to release some 250,000 joint-ownership homes to the local market over the next five years.
Soaring property prices have long put city dwellers under pressure, making housing affordability a growing problem for policy-makers, prompting measures to stabilize prices and curb speculation.
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