Home prices in most popular school districts of Beijing face uncertainty after policy shift
Homelink data shows 72 per cent of homes in districts which don’t have the best schools have fallen in price, due to the ongoing uncertainty
Beijing’s new public school allocation policy is starting to seriously influence house prices in some of the capital city’s most-popular districts, after officials admitted that in future gaining entry to a child’s chosen school cannot now be guaranteed.
The city’s government released its annual school admission policies in the middle of last month, but officials in districts such as Chaoyang – one of the most popular residential and commercial areas – have been criticised for introduced policies that fail to actually specify which schools a child will be allocated.
Under the old policy, homes in a particular neighbourhood corresponded with one fixed school.
But under the new policy, that could be one of three schools, not necessarily a parent’s number one choice, making admission into the top schools by buying a home nearby is more of a gamble.
Chaoyang buyers granted ownership certificates after June 30 will now be subject to random allocation of one of three schools their children can go to. And there is no guarantee they will be the closest to home, or the best available.