Shenzhen bans trading of govt.-subsidized homes
2011-June-3 Source: Szdaily web edition
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Shenzhen bans the owners of government-subsidized homes from selling the property for profit, according to a government circular released Wednesday.

The government will buy back the apartments that became tradable under previous rules from the owners at prices no higher than the costs, and redistribute them to qualified low-income applicants, the circular said.

The city plans to spend 64.6 billion yuan (US$9.8 billion) on building 240,000 affordable homes between 2011 and 2015. This will be 70 percent more than the number built between 2005 and 2010. The city expects more than 358,000 families to apply for affordable homes by the end of 2015.

Editor: Olivia
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