A novel way of cooling the housing market
President Xi Jinping has said "houses are built to be lived in, not for speculation". In this context, the pilot for joint property rights housing implemented by Beijing Municipal Commission of Housing and Urban Rural Development is an important move to cool down the heated housing market in the capital.
According to a document, the government and the homebuyers will jointly own the policy-based housing units, with the government granting the buyers the right to use the property.
Since the Beijing municipal government will provide policy support for the construction of joint property rights housing, the price of such housing units will be lower than commercial property in the same neighborhood. However, the homebuyers' right to use the property will be partly restricted.
