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China to offer half-price homes to graduates: Report

To avail of the special discounted rate, applicants must live and work in Hohhot.

Moneycontrol News @moneycontrolcom
Picture for representation
Picture for representation

Graduates hailing from China’s Hohhot, located towards the northern half of the country, are in for a treat. The city is now offering half-price homes or two years’ free accommodation to any citizen who has graduated recently, with the aim of attracting fresh talent and breathing life into its economy, reported The South China Morning Post.

A document published by the municipal government on Thursday says that concerned authorities in Hohhot, the capital of the Inner Mongolia autonomous region, plan on building flats meant for persons who graduated in the past three years.

Each of the flats will be about 100 square metre in area and will be offered at 50 per cent below the market price.

While the government has not yet declared how many such flats would be built, it has clarified that those would be up for sale from the coming month. To avail of the special discounted rate, applicants must live and work in Hohhot and also be in a position to make a 20 per cent down payment.

However, those who already own properties in Hohhot won’t be extended the benefit. Also, the buyers of the new homes won’t be allowed to sell it for the next five years.

In case of rare events such as the buyer having to move out of the city in less than five years, they will be allowed to sell the home back to the government or buy out the discounted portion of the going rate.

Meanwhile, for those eligible candidates who do not wish to invest in a property can apply for two years’ rent-free accommodation instead in the new flats, the document mentioned.

The new initiative in Hohhot is part of a “talent priority” strategy that the local government has designed to stimulate the economy.

It is believed that the offer would be well received by those migrating to the city. On the other hand, it gives rise to concerns of an imminent property price boom.

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First Published on Apr 23, 2019 09:00 am
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