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经济适用房 (jingji shiyong fang)

Economical Housing

Housing sold at low prices to low-income earners to get them affordable shelters. Starting in 1998, the central government decided to offer favorable policies to housing developers so that they could build apartments of specified sizes and prices. Families with living floor space or income under given standards could apply for purchasing the apartments at prices much lower than the market prices. Eligibility standards for purchasing economical housing are set by provincial authorities according to local situations. Economical housing is subject to special clauses for trading in market, which discourage profiting from the property. It is an integrated part of the State efforts to shelter groups with limited financial resources.

(China Daily 08/20/2008 page10)