Beijing explained conditions for joint ownership of housing

Almaty. September 22. Silkroadnews – Beijing has explained conditions for joint ownership of housing, China Daily reported.
“Beijing unveiled a scheme to introduce homes with property rights to be shared by the government and buyers Wednesday. According to a document issued by the city's housing authorities, individual buyers will be able to buy a share in such homes and still have the full right of use,” the report reads.
However, there are some restrictions on joint ownership. Buyers of housing and their families cannot already own housing on their name, the family can apply for the purchase of only one house or apartment, single customers must be not younger than 30 years old. Individuals who purchase housing on the rights of joint ownership with the state have equal rights with other categories of homeowners when registering households and schooling children.
It is reported that the new housing policy has also been tested in other major cities to stabilize the real estate market complying with the central authorities’ instructions saying “houses are built to be lived in, not for speculation.”