China pilots housing pension system in 22 cities to create mechanism to maintain aging residential buildings

Source: Mysteel Aug 29, 2024 14:00

China is piloting a housing pension system in 22 cities including Shanghai, which aims to better facilitate existing housing upgrades and to create a long-term mechanism to maintain aging residential buildings.

The housing pension system consists of personal accounts and public accounts, the Ministry of Housing and Urban-Rural Development said in a statement. Personal accounts have already been established through homebuyers' contributions to a housing maintenance fund, while a certain proportion of land transfer fees, appreciation of housing maintenance funds and