Capital City Warns Home Buyers against 79 Developments
(Beijing) – The capital's Bureau of Land and Resources has released a list of 79 housing developments built in the city's suburbs since 2008 that home buyers should avoid.
The September 17 announcement is an attempt to address a grey area in Beijing's property market and warn the public that the properties have problematic ownership structures.
The city government says home owners in the developments have limited property rights because the buildings are on collectively owned rural land.
The properties are attractive to buyers because they are cheaper than homes in the city. Since the 1990s, building on collectively owned rural land near Beijing has mushroomed.
The government banned purchasing such properties at the end of 2007.
The city government had launched a campaign to move residents out of the buildings, but the July deadline was missed.
In March, the Ministry of Land and Resources submitted a plan to the State
Council, the country's cabinet, for moving people out of homes with limited
property rights. Under the plan, the government would first deal with
developments either being built or with unsold homes, then address homes that
have been sold on a case-by-case basis.
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