Nansha launches subscriptions for joint property rights housing

Guangzhou’s Nansha district has opened up applications for 251 houses which have joint-property rights between the government and the occupiers. Applications are being accepted until Dec 19.

The refined and attractive houses, located in the Nansha Free Trade Zone’s Shouzhu Garden residential community, are available to those with sought-after skills, as well as to Hong Kong and Macao youths.

The price was valued at 19,850 yuan ($2,814.84) per square meter. A single house generally has three bedrooms and two living rooms, with living space between 101 and 142 sq m.

Eligible occupants will share the property rights with the government, with the share dependant on their actual contributions. They will possess 50 to 80 percent of the shares in principle, and the ratio of contribution cannot be changed once the contract is concluded.

The government shares will be granted to a wholly-owned subsidiary company of the Guangzhou Nansha Urban Construction & Investment Co, Ltd.

Transfer of the property rights shares is forbidden until a five-year residence expires. If that period does not expire, the house will be counter-purchased by the committed state-owned enterprise.

The occupiers are allowed to transfer their property rights to other individual purchasers after five years without changing the houses’ safeguarded nature. They can even put the houses onto the market after eight years, according to the regulation.

Notably, the residents need to pay rent every quarter until they acquire full share of the house, with an imputed amount of 22 yuan per month.

This privilege is not available with other preferential housing bonuses. The applicants should never have their own house.

In addition, those applicants with skills that are badly-needed locally should work for more than a year in Nansha, and hold one of the following certificates: a master’s degree from key universities, an advanced professional qualification, or a senior professional technicians’ certificate.

And the youths from special administrative regions should be under 35 in age, with a diploma from a university recognized by the Ministry of Education and a valid proof of residency.