Cheap homes a cash cow for city workers

By Jane Chen | April 20, 2010, Tuesday |

Online Edition

GOVERNMENT workers in north China are accused of milking the city's cheap homes scheme for needy people by buying and selling them for nearly 56 million yuan (US$8.2 million) profit.

All 1,600 homes in the first phase of the Century Park property project in Shanxi Province's Xinzhou City were allocated to government workers instead of low-income residents, Xinhua news agency reported today.

With city investment of 670 million yuan, the homes were sold to the government workers at 2,318 yuan per square meter, compared with the normal market price of 3,200 yuan.

Data from the city's real estate agents indicated more than 800 were resold, with each worker gaining around 70,000 yuan profit.

That means the homes could have brought 56 million yuan in total profits, Xinhua said.

Xu Chaohua, a worker with Xinzhou Personnel and Social Security Bureau, who is selling a 94-squre meter home in the Century Park project, said he already had two other homes downtown, each over 100 square meters.

He is pricing his home at 330,000 yuan after buying it for 200,000 yuan.

He said all city workers who had served since June 2006 were offered a home in the project.

Nation

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Cheap homes a cash cow for city workers

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