Affordable housing a step closer

• Source: Global Times
• [09:38 May 17 2010]
• Comments

By Tang Zhao

Draft policies to provide affordable rented accommodation in Shanghai will be officially released for public consultation by the Shanghai Municipal Housing Support and Building Administration Bureau at the end of May.

The new policies are due to come into effect by the end of the year, according to the Oriental Morning Post, which published some details from the policies last month.

The new policies will aim to tackle the challenge of finding affordable housing faced by workers moving to Shanghai, as well as young locals. Both Shanghai hukou (residency permit) and non-hukou holders will be eligible.

The previously published details did not include the income requirements to be eligible for the scheme. It is still unclear whether the draft will include this information when it is officially released.

Xu Jun, 26, a State-owned bank employee who has been living in Shanghai for almost two years, told the Global Times that he welcomes the new policies. "I think the policies will benefit newcomers like me. Most young people fresh out of college do not care so much about the conditions of where they live, as long as it is affordable," Xu said.

The draft will stipulate that properties must be rented for a minimum of two years and a maximum of five years. Anyone found to be abusing the policies will have it marked on their records and face difficulties applying for housing programs in the future.

The housing made available through the scheme will include newly-built buildings, renovated old units and buildings that are collectively rented. No details have been released regarding when construction projects for the scheme will start or where accommodation will be located.