Xiamen eases up housing fund restrictions
Xiamen city has launched a new wave of reform on the housing fund system in favor of government and enterprises employees, local media reported.
Previously a person can use the housing fund to pay a house rent only if the fees exceeded 10 percent of his family’s annual income. This requirement has been lifted by the revision. The money will also be transferred to the person’s designated bank account quarterly instead of yearly.
What’s more, a tenant of a commercial residential house will be able to apply for housing fund withdrawal procedures at a designated bank in addition to the housing fund administration center.
The paperwork of housing fund application has been simplified a lot, too, as a commercial house tenant will only need to present documents which can prove he and his spouse own no property; as for those renting affordable housing, he is supposed to possess a leasing contract, a rent payment certificate as well as rent subsidy proofs.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.