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Regulating public rental housing helps promote affordable homes
By Cherry Cao |
June 13, 2012, Wednesday
|
Print Edition
Print Edition
CHINA has unveiled a national guideline to regulate the public rental housing scheme in its latest move to further promote its affordable housing program.
Local governments and companies can invest in the public rental housing projects, the Ministry of Housing and Urban-Rural Development said in a notice yesterday.
The ministry also said newly-built homes, rebuilt properties, homes acquired through either purchase deals or long-term lease agreements can all be used as public rental units. The rents for such homes should be below market rates and adjusted regularly, it said.
Both local residents and migrant workers can apply for the public rental units if they meet certain criteria such as the applicant's income level, current living condition and how long a non-local applicant has worked in the place where the application is submitted.
"This is the first time that a national guideline has been issued to regulate the public rental housing program, and it might signal the central government may step up efforts to further expand the program as it proceeds with the affordable housing program," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd.
Local governments may repossess the rental homes if tenants are found to have committed offences such as subleasing, damaging or changing the unit's original fittings, using the home for illegal activities or leaving it empty for six consecutive months without proper reasons. The tenants will be fined for any delay in returning the units.
In Shanghai, the local housing watchdog announced in January a target to build, acquire and lease some 40,000 public rental units this year.
Banks may lend to eligible public rental housing projects directly or via qualified local government financing vehicles, said a statement posted in September on the central government's website.
Local governments and companies can invest in the public rental housing projects, the Ministry of Housing and Urban-Rural Development said in a notice yesterday.
The ministry also said newly-built homes, rebuilt properties, homes acquired through either purchase deals or long-term lease agreements can all be used as public rental units. The rents for such homes should be below market rates and adjusted regularly, it said.
Both local residents and migrant workers can apply for the public rental units if they meet certain criteria such as the applicant's income level, current living condition and how long a non-local applicant has worked in the place where the application is submitted.
"This is the first time that a national guideline has been issued to regulate the public rental housing program, and it might signal the central government may step up efforts to further expand the program as it proceeds with the affordable housing program," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd.
Local governments may repossess the rental homes if tenants are found to have committed offences such as subleasing, damaging or changing the unit's original fittings, using the home for illegal activities or leaving it empty for six consecutive months without proper reasons. The tenants will be fined for any delay in returning the units.
In Shanghai, the local housing watchdog announced in January a target to build, acquire and lease some 40,000 public rental units this year.
Banks may lend to eligible public rental housing projects directly or via qualified local government financing vehicles, said a statement posted in September on the central government's website.
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