What exactly are "low-priced" commercial homes versus "affordable homes" in China’s real estate speak? Let’s walk you through some details.
In terms of size, most of these homes are under 90 square meters, which are about 970 square feet.And only eligible Beijing home buyers can purchase these homes, which means they hold a Beijing residency permit, or "hukou," and do not own more than two homes.
Those who do not hold a Beijing residency permit but have lived and contributed social security taxes to the city for five consecutive years are also eligible.
However, every household is only allowed to buy one of these homes, and they will not be eligible to buy it again once they’ve sold it. Also, home buyers will not be able to sell or lease their low-priced commercial homes within the first five years of purchase. And if they do sell it after fives years, they would have to give 30 percent of their proceeds to the government.
Source: CCTV
