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Guangdong province to invest more in affordable housing

Published: 18 Nov 2008 05:24:11 PST

Nov. 18, 2008 (China Knowledge) - Guangdong Province plans to invest about RMB 3 billion for each of the coming three years in constructing and rebuilding the low-rent housings as well as providing rental allowance in the following three years, the China Securities Journal reported on Tuesday, citing sources from the provincial government.

Meanwhile, the provincial government will invest RMB 3 billion per year to build affordable houses for low-and-medium wage earners.

The provincial government will also adopt a series of new policies on the real estate sector, including adjustment of criteria for the second housing, shortening the tax-exemption period for housing transfer deals, increasing the deposit proportion of housing provident fund, extend mortgage loan period, etc.

However, details of the rules have not come out yet.

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