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Affordable housing procurement rules unveiled

2018-04-13

THE city's housing and construction bureau has issued new rules on the purchase of affordable apartments built by property developers and the city or district-level housing departments.

The new rules will take effect April 20, the Shenzhen Evening News reported Thursday.

According to the rules, housing departments can purchase affordable apartments from property developers, but public and traffic facilities in the communities cannot be purchased, such as community clinics, police offices, kindergartens, schools and municipal roads.

The procurement price of each apartment is equal to the size of the apartment multiplied by the per-square-meter price.

If the property developers build the affordable apartments on their privately owned land parcels, the housing departments should pay no more than 98 percent of the payments to the developers and can pay the rest within two years of the acceptance of the projects.

If the property developers build the affordable apartments for urban renovation projects or build commercial apartments along with affordable apartments, and the total area of affordable apartments is less than 5,000 square meters, the housing departments should pay no more than 95 percent of the payments after the delivery of the projects, according to the report.

Source:Shenzhen Daily

 
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