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QINGDAO TODAY
在线翻译:
szdaily -> Shenzhen -> 
SZ to further regulate rental housing market
    2019-12-31  08:53    Shenzhen Daily

SHENZHEN will issue relevant policies for the reconstruction of existing commercial office buildings into rental housing as soon as possible, according to the city’s housing and construction bureau, the Southern Metropolis Daily reported.

In order to better supervise rental companies, real estate agencies and online platforms, the country’s housing ministry and five other government entities jointly issued a guideline on rectifying the irregularities of the rental housing market recently.

According to the guideline, China will keep clamping down on false listing information and malicious practices, such as the misuse of loans and illegal withholding of security deposits.

It will tighten lending to rental housing companies and cap the loan-rental percentage at 30 percent to prevent rental companies from excessively promoting loans among renters.

The document also requires that all local governments formulate policies for transforming idle commercial office buildings, industrial factory buildings and other nonresidential buildings into rental housing according to laws and regulations.

This August, Shenzhen released a guideline to regulate the rental housing market and put forward a number of measures to ensure housing supply through multiple sources and provide housing support through multiple channels.

Shenzhen aims to build no less than 300,000 rental housing units by 2020, according to the guideline.

For a city like Shenzhen, where the amount of land available for development is extremely limited, revitalizing idle office buildings and transforming them into rental housing has become an important task.

The bureau told the Daily that it has started to draft policies and measures on the reconstruction of existing commercial office buildings into rental housing in order to effectively increase the supply of rental housing.

Meanwhile, according to the self-examination and reports of several rental housing companies in Shenzhen, the loan-rental percentage is less than 30 percent.

The bureau added that it will cooperate with the financial regulatory authorities to strengthen the supervision of rental companies with risky business models.

(Zhang Yu)

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