East China’s Jiangsu province will accelerate the development of affordable rental housing, according to the Opinions on Accelerating the Development of Affordable Rental Housing released recently by the Provincial Department of Housing and Urban-Rural Development.
During the "14th Five-Year Plan" period, Jiangsu will increase the supply of more than 500 thousand sets of affordable rental housing. Nanjing and Suzhou, the two major cities with the largest net population inflows in Jiangsu,will ensure that the newly-added affordable rental housing in the two cities will account for 30% of the total new housing supply.
Affordable rental housing will primarily solve the housing difficulties of eligible new citizens, young people and other groups in the city.
Priority will be given to the housing groups who are engaged in basic public service industries regardless of income threshold. Most apartments will be small units with a floor area of no more than 70 square meters.
Fan Xinfang, Deputy Director of the Provincial Department of Housing and Urban-Rural Development
According to the Opinions, Jiangsu will give full play to the market mechanism and insist on multi-agent investment by encouraging various market entities such as rural collective economic organizations, enterprises and institutions, park companies, real estate development companies, and housing leasing companies to participate in construction and operation management.
Jiangsu will also provide a series of supporting policies in terms of land, approval process, subsidy funds, taxes and fees. Enterprises and public institutions do not need to pay the land price when they build affordable rental housing on their own land.
