Beijing introduces homes jointly owned by government, owners

More homes with joint property rights between the government and occupiers will come on the market in Beijing to bring down prices and meet the needs of local people without a home, the municipal government said Thursday.

According to a document issued by the city's housing, development and reform, finance and land planning departments, the new homes will be jointly owned by the government and their buyers, and the government will give its share of "the right of use" to the latter.

Buyers and their families must have no homes under their names. Single people should be at least 30 years old. And one family should only apply for one home.

Households living or working in a certain district will have priority for the new homes in the district over purchasers from other districts, the regulations said.

Five years after the purchase, owners can sell their shares based on market price, but the government or its assigned management agencies shall have a preemptive right to buy-back.

Officials from the city's housing department said the new policies are designed to fend off speculation and make the housing system fairer by helping more residents live in their own homes.