China to extend joint property ownership pilot scheme to cool prices

BEIJING (Reuters) - China will extend a pilot project on joint home ownership between local governments and private buyers into some big cities this year, the vice housing minister said on Thursday, as authorities look to subdue a property market in danger of overheating.

The minister, Qi Ji, told a forum on the sidelines of China's annual parliament session that under the plan, local governments would sell land to developers at lower prices and retain part ownership in homes built on the land. The homes would have to be sold at below market rates.