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Tuesday, April 18, 2017, 09:58

China to designate 2 million units of public housing in 2017

By Xinhua

China to designate 2 million units of public housing in 2017
Residents walk across a bridge near a residential area in Anxin county in China’s Xiongan New Area, April 5, 2017. A senior official of the Ministry of Housing and Urban-Rural Development said China will create 2 million units of public rental housing in 2017 to provide affordable housing for low-income people. (Wang Zhuangfei / China Daily)

BEIJING – China will create 2 million units of public rental housing in 2017 to provide affordable housing for low-income people, said a senior official.

Accelerating the construction and allocation of public rental housing is high on the agenda of the mnistry

Lu Kehua, Vice Minister, Ministry of Housing and Urban-Rural Development

Accelerating the construction and allocation of public rental housing is high on the agenda of the Ministry of Housing and Urban-Rural Development (MOHURD), said Vice Minister Lu Kehua.

China sees public rental housing as a way of providing homes for families who have been priced out of the property market and has invested billions of yuan.

In recent years, China has increased subsidies and credit support for such housing, and, by the end of 2016, housing was arranged for a total of 11.3 million families.

Speaking to Xinhua in an interview, Lu said that his ministry would work with the national economic planning body and the ministry of finance to increase support for the program.

Under China's existing system, low-income families can also rent apartments themselves and receive government subsides.

READ MORE: Further improve people's housing conditions, says Zhang

The vice minister asked local governments in some regions to lower the threshold for the public housing system and give migrant workers access. Most regions had already done so.

RESIDENTIAL LAND SUPPLY BOOSTED IN Q1

China's housing authority increased residential land supply in the first quarter to meet rising demand, according to official data.

In the first quarter, residential land supply in first-tier cities such as Beijing, Shanghai and Guangzhou increased by over 50 percent from the same period a year ago, according to data collected by the China Urban Land Price Dynamic Monitor.

Land supply in second-tier cities also rose remarkably while supply in third-tier cities fell.

ALSO READ: Housing agencies too slack, says ombudsman

New home prices in Beijing and Shanghai rose by over 20 percent in the past year as residents rushed to buy new homes in anticipation of higher prices in the future.

China's policymakers announced in December that "houses are for living in, not for speculating with" in its fight against rampant speculation in the property market.

 
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