The Hailing district of Taizhou city, in East China's Jiangsu province, recently implemented a new policy involving the use of so-called "housing tickets" – resettlement funds vouchers – that are provided to the owners of expropriated houses.
The folks concerned can then use their housing tickets to buy newly-built commercial housing, according to details released in a guideline by the local government on July 6.
"The housing tickets policy aims to further improve housing expropriation and compensation resettlements, meet the diverse resettlement needs of expropriated individuals and thus promote the further development of the local real estate market," said Tang Rongxiang, vice-governor of Hailing district.
Additional grants will be issued if expropriated individuals use their tickets to buy commercial housing sooner than later. If a new house is purchased within three months after receiving the ticket, an additional grant of 20 percent of the amount used for the house purchase will be issued.
For those who purchased a house from the fourth to the sixth month, an additional grant of 16 percent will be given. For those who purchase a house within the seventh to 18th months, a grant of 12 percent of the amount will be given.
The housing tickets are effective from the date of issuance and are valid for 18 months. In addition, the policy that the ticket can be transferred once during its validity period is regarded as being a breakthrough.