Zhu Rongji

China housing reform

PUBLISHED : Thursday, 16 April, 1998, 12:00am
UPDATED : Thursday, 16 April, 1998, 12:00am


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Home buyers, mainly civil servants, are expected to receive state subsidies under regulations detailing the mainland's housing reforms to be announced in July, according to a Beijing-based developer.

The chairman of H share Beijing North Star, Sha Wanquan, said yesterday the reforms would also embrace rules concerning mortgage lending and measures to boost the secondary market.

The reform blueprint was unveiled by Premier Zhu Rongji during the ninth National People's Congress last month to replace welfare housing.

The basis of subsidy calculation would differ from city to city and from one wage grade and ranking to another.

For example, a bureau chief in Beijing might enjoy subsidies for his entitlement to 100 square metres of floor area, with the government providing part of the instalments based on home prices set for that city.