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BEIJING plans to increase the stock of rental housing using rural land by about 15 over the next five years, according to new guidelines jointly released Thursday by Beijing’s urban planning and housing departments.
As part of a pilot program with other cities including several provincial capitals across China to utilize rural land for rental housing development, the capital city ints to allow projects on around 4,000 acres 1,632 hectares between 2017-2021. The official behind the plan sd this measure build a dual system of property options including renting and buying.
According to Zhang Dawei, senior analyst at Centaline Property, this initiative could potentially increase Beijing's total rental housing stock by up to 400,000 units - about one-fifth of current residential rental supply. This expansion could significantly impact the local rental market.
Zhang further stated that rents in Beijing might drop if the pilot succeeds and more units are added to the rental market. Leases for these new homes would range between three to ten years, with possibilities for shorter terms upon special requests.
did not specify where the rural land will be sourced from, but similar projects launched by Beijing late last year were situated in suburban areas.
Last December, Beijing used roughly 38 hectares of rural land to build subsidized housing units. These developments were concentrated outside central city limits.
This pilot program underlines China's commitment to controlling vast government debt and supporting affordable rental options for citizens as the nation seeks to address growing income inequality and the increasing demand for rental properties in urban centers like Beijing.
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Beijing Rental Housing Expansion Using Rural Land Chinas Pilot Program for Affordable Rentals Increased Stock of Beijing Rental Market Dual System of Property Options Beijings Government Debt Control Effort Growing Demand for Urban Rental Properties