Beijing invests 20.9 billion yuan in affordable housing

17:33, August 30, 2010      

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Beijing has approved a plan to experiment with using idle housing provident funds to build affordable houses. The city will borrow 20.9 billion yuan from housing provident funds to carry out affordable housing projects, and each project will have an independent escrow account, according to information released by the Beijing Municipal Commission of Housing and Urban-Rural Development.

Beijing will launch 36 affordable housing pilot projects, including 18 low-cost housing projects, 14 low-rent housing projects and four resettlement housing projects for residents who used to live in the city’s Dongcheng District, Xicheng District, former Chongwen District and former Xuanwu District.

Shanty towns in the four districts will be redeveloped, and investments in the four resettlement housing projects will reach 9 billion yuan in total, the largest of the three kinds of housing projects mentioned. An official in charge of the projects said that resettling residents will be a major task for the Beijing municipal government this year. The resettlement housing projects have a huge demand for funds, so they will receive more money than the other two kinds of housing projects.

The official also said that loans from the provident funds will be in closed management during the entire process. In addition, equivalent real estate, projects under construction or land-use rights have to be mortgaged. Loans will be granted only after the projects receive four necessary permits, including the construction permit.

By People's Daily Online


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