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Beijing offers affordable flats to buyers
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BEIJING yesterday made nearly 1,880 affordable apartments available to buyers, rekindling average income-earners’ hopes of having a house of their own.
The price of the apartments was set at 22,000 yuan (US$3,534) per square meter, almost 50 percent less than in neighboring blocks. But the government and homebuyers will have joint ownership of the properties, which means if they are to be sold again, homebuyers will pay 30 percent of their profits to the government.
Despite such a rule, the apartments, designed to cater to the housing demand of ordinary workers, attracted more than 120,000 families who had to draw lots yesterday. The fierce competition is due to the project’s relatively advantageous location within the Fifth Ring Road in the east of Beijing.
This is not the only affordable housing project. The government plans to offer nearly 50,000 such homes this year, with 11 projects having been unveiled and now inviting buyers to register.
Nationwide, six cities including Shanghai, Shenzhen and Chengdu have started promoting similar apartments as public grievances grow in recent years of house prices in cities soaring to unaffordable levels for many people.
Analysts said the price-capped apartments will depress home prices in major cities because they will divert buyers away from buying other apartments.
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