Beijing Hopes to Expand Housing Supply with New Joint Property Rights Policy
Beijing hopes that the launch of a new joint property rights housing policy will help to cool down its overheating real estate market by expanding home supply.
The Chinese capital released its “Beijing Municipal Joint Property Rights Provisional Administrative Measures” (北京市共有产权住房管理暂行办法) on 20 September, with a scheduled implementation date of 30 September.
The Beijing municipal government expects that a total of 250,000 joint-property ownership sites will be made available over the upcoming five year period, serving to accelerate the growth of housing supply.
Beijing first mooted the idea of joint property rights for housing in a draft document released earlier this month, which outlined a scheme under which new homes are jointly owned by both the government and homebuyers, with the government providing buyers with rights of usage.
Under the policy each household will be able apply for the purchase of one home with joint ownership rights, while single individuals over the age of 30 will also be eligible for the scheme.
The policy will prioritise households that either live or work in districts of the capital where new homes are located.
While homeowners will not hold the properties in their own names, they will be allowed to sell their stakes in the properties following a five year period.