It is now common for salaried people to buy homes through bank loans.


Real Estate

In recent years, the real estate business has developed rapidly. All localities throughout the country have worked out policies and measures for the reform of the urban housing system to promote commercialization of housing, the use of land with compensation and the comprehensive development of the real estate business. The main policies are: (1) To actively promote the reform of the real estate investment system—replacing the single mode of investment by the state with diversified investments by the state, localities, enterprises and individuals; (2) to promote the construction of economic and suitable housing and construct

ordinary housing according to the housing construction standards specified by the state while the government offers policy-related support by selling housing to the families with medium and low incomes at the cost price; and (3) to establish a housing accumulation fund system for urban residents, while raising the rents for publicly-owned housing, selling the existing publicly-owned housing at the cost price, developing housing finance, etc. To help individuals buy housing, most cities have readjusted the loan direction for housing accumulation funds to help residents to buy their own homes. Now China has more than 20,000 real estate development companies.

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Last updated: 2000-07-13.