Photo/VCG
The Government Work Report this year encouraged residents to buy houses for their own use and supported developing homes with joint property rights shared between the government and buyers. Huaian, as the birthplace of the joint property rights mechanism and also a pilot city to implement the policy, has taken the lead in Jiangsu Province’s housing guarantee system.
Wang Yinong, chief of the city’s Housing and Urban-Rural Development Bureau, said Huaian provided homes with joint property rights to 9,703 families, with 613 of them purchasing the property rights from the government. The process brought in revenues of 34.83 million yuan ($5.5 million) to the government and helped realize a healthy return on governmental investment.
The mechanism adopted in Huaian has become more mature after continuing research and practices. In the past, the government only included certain properties into the property rights sharing initiative, but now residents in downtown Huaian can easily buy such homes in any property.
Huaian’s exploration into homes with joint property rights features a trend toward a market-orientated approach while the government’s tangible intervention is gradually out of work. The land used for construction, trading and property management has all embraced marketization in Huaian.
As a breakthrough, buyers can apply for loans for buying a home with joint property rights. Currently, 72 families with financial difficulties in Huaian’s main urban area have secured bank loans thanks to a government guarantee and also successfully subscribed the homes with joint property rights.
