China proposes broader use of housing provident fund for property fees, renovations

BEIJING -- China's Ministry of Housing and Urban-Rural Development on Friday released a revised draft regulation on the management of the housing provident fund, in a bid to better meet homebuyers' diverse housing needs.

The draft revision, issued to solicit public opinion, seeks to expand the fund's usage from home purchases and rentals to cover property management fees and housing renovations.

Self-employed individuals, part-time workers and other people in flexible employment may voluntarily participate in the housing provident fund system, according to the draft.

The draft calls for digital capability building, inter-regional, inter-departmental and inter-level collaboration, among others.