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Beijing property policy to support young, low income earners

08-19-2013 16:33 BJT

Beijing municipal government is set to detail policies for self-use residential housing, according to the Ministry of Housing and Urban-Rural development.

The first land auction under the new rules will start on Wednesday. This means whatever price the land goes for, the developer can only sell at 22 thousand yuan per squaremeter--about 20 percent lower than the area’s average. What’s more, each apartment should be within 90 squaremeters. It is expected that the new policy is geared towards helping young people and lower income earners. Beijing officials say its policy will ensure housing for the low end, support housing for the middle income bracket and free up the market for high end housing.




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