Beijing, China,
February 5, 2010 – It has been reported that China has been working on a draft law to ensure people with moderate or low-incomes will be able to rent or buy houses at cheaper prices.
Under the draft law, low income families could be guaranteed housing under a low-rent housing scheme, though they would not possess or fully own the rights to the housing they live in.
Apart from the low-rent housing scheme, public housing under the ownership of the government would be another way in which housing could be provided to low income families.
It is also reported that the draft law also provides detailed rules on the amount of floor space for the housing, related service facilities, safety and quality standards, as well as locations of such housing.
“China liberalized its housing market in 1998, and housing prices have continued to soar ever since” said John Lee, Senior Attorney with Lehman, Lee & Xu. “The Chinese central authorities have encouraged local government to build more affordable and low-cost houses in an effort to address housing price hikes” he added.
Lehman, Lee & Xu is a prominent Chinese corporate law firm and trademark and patent agency with offices in Beijing, Shanghai, Shenzhen, Hong Kong, Macau, and Mongolia. The firm is recognized as a leading expert in corporate law and an active member of the Shanghai community.
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