Business / Industries

Hunan mulls turning used homes into public housing

By Wang Jingjing ( Updated: 2014-08-12 15:58

Hunan has suggested in new local regulations that the government can acquire used homes and turn them into public housing, Changsha Evening Newspaper reported Tuesday.

Housing and Urban-Rural Development of Hunan province, Central China, enacted "Suggestions on promoting the stable and healthy development of the property market" on Monday.

Yang Yanbin, sales director at a Hunan property project, said the move can not only reduce government expenditure on housing, but can also provide more choices to shanty town residents.

In an effort to give a boost to developers, the regulation also states that the government can reduce half of the regulatory capital for developers credited as A-level or those developing residential projects in industrial zones.

Other suggestions include allowing cross-city home buyers to apply for housing provident fund loans, with the approval procedure simplified for real estate developers.

Hunan mulls turning used homes into public housing Hunan mulls turning used homes into public housing
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