Value is where dwelling floor space is

Some Chinese homebuyers don't appear to be too sure if the new residential property measurement standard is for good or for worse.

The Ministry of Housing and Urban-Rural Development said in a notice on its website that residential spaces should henceforth be traded in terms of dwelling floor space, or usable area, not gross floor area.

Now, usable area is smaller than gross floor area that includes balcony, and even communal areas like lobby. For decades, China has been using gross floor area as the standard measure in property transactions.