Politics
China wants to cap the cost of renting a house in cities
BEIJING (Reuters) – The Chinese government has said the cost of renting a home in cities should not increase by more than 5% per year – its first move to cap rental prices and part of efforts to provide more affordable housing.
The plight of low-income people has come to the fore in policy making as President Xi Jinping pledges to reduce wealth disparities in efforts to achieve so-called common prosperity.
Rents in major cities jumped over the summer, fueled in part by the influx of college graduates looking for work. Beijing and Shenzhen this year began implementing measures to boost the supply of rental housing.
New urban residents and young people have worked for a relatively short period of time and have little income, so their ability to buy houses and pay rent is low, Vice Housing Minister Ni Hong said on Tuesday.
In large cities, 70% of new residents and young people rent homes, but more affordable homes are further away and properties in more desirable locations are more expensive, posing practical challenges, Ni said during the interview. ‘a press conference which followed the directives on the ceiling of the ministry of housing.
In recent months, major cities have published draft housing rental rules aimed at better protecting tenants’ rights, including prohibiting landlords from collecting more than the equivalent of a month’s rent as a deposit.
Authorities will also crack down on abusive practices by real estate companies and online real estate platforms such as overcharging tenants.
The rules are part of a sweeping cleanup of the housing market over the next three years to eliminate what the government describes as irregularities that have fueled speculation and pushed up house prices.
Reporting by Ryan Woo; Editing by Edwina Gibbs
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