City reviews budget home applications

By Jane Chen | January 18, 2010, Monday |

Online Edition

SHANGHAI'S government today halted residents' applications to buy its latest batch of budget homes and started reviewing their qualifications.

Altogether 2,586 families have applied for cheap homes in the past month - 2,000 from Xuhui District and 586 from Minhang District, today's Oriental Morning Post reported, quoting Zhou Xiongying, housing reform division director with Xuhui Housing Bureau.

The government has started checking the applicants' citizenship, housing conditions and economic status and found some lying about their income, Zhou said. Those passing the review will undergo a second round of investigation.

Home prices were set at between 4,800 yuan (US$703) and 5,200 yuan per square meter, about 30 percent cheaper than nearby housing projects.

To qualify, applicants must be Shanghai residents living in less than 15 square meters for at least seven years. Disposable income must be under 2,300 yuan each per month with no more than 70,000 yuan each in assets.

Metro

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City reviews budget home applications

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