SHENZHEN has set strict income and property limits for both families and single individuals for applying for public rental housing, Shenzhen Special Zone Daily reported.

Detailed guidelines regarding the verification of applicants’ financial status were jointly released by the city’s housing and construction bureau and the civil affairs bureau Tuesday, a day after local authorities issued the income and property limits to ensure a fair and equitable distribution of public rental housing in Shenzhen.

For households and single individuals applying for public rental housing, the per capita annual disposable income is now capped at 54,000 yuan (US$7,406). The property limit for families with three or fewer people (including single residents) is 660,000 yuan, and 870,000 yuan for families with four or more people.

According to the detailed rules, disposable income encompasses all cash and in-kind earnings acquired by the applicant within a specified period, mainly including wage and salary income, net business income, net property income and net transfer income.

Subsidies and allowances designated for individuals with disabilities, orphans and the elderly, provided they comply with the stipulated regulations, will not be counted as part of the household disposable income.

The term “property” pertains to all physical and monetary assets, including inheritance and gifts, owned by the applicant. This category covers a wide range of assets, such as real estate, vehicles, bank deposits, securities, funds, commercial insurance and internet financial assets.

To streamline the application process and ensure compliance with the new rules, the city’s housing authority will send relevant applicant information via the housing information platform to the municipal verification institution.

Following the completion of the verification process, the verification institution will provide the housing authority with a comprehensive verification report in accordance with the regulations.

The housing department will then review the applicant’s eligibility for housing security based on the verification report. Applicants who do not meet the criteria will receive formal notifications detailing the reasons for their application’s rejection.

(Zhang Yu, Chen Yuying)