(Yicai Global) Sept. 21 -- Ministry of housing and urban-rural development released a document supporting Beijing and Shanghai in pilot housing projects with joint property rights. The government's share of joint property rights represented by state-owned institutions should be clear, stressed the document outlining ministry's opinion on the matter.
Such enterprises acting on behalf of the government should be responsible for the conclusion of contracts, daily management, repurchase and trading of the property on the market, it added.
The land supply for housing projects with joint property rights should be guaranteed, and the existing fiscal, tax and other favorable policies should be implemented, it outlined. Housing projects with joint property rights should focus on building small- and medium-sized flats.
The ministry also called for institutional innovation as the core in such projects, with innovative construction modes, division of property management, property rights transfer and implementation of an exemplary pilot project.