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.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
