CHINA

China Pilots Government-Funded Housing Renovation System in 22 Cities

Published: Aug. 27, 2024 4:30 a.m. GMT+8

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A residential community in Pudong district, Shanghai.

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

This initiative follows several high-profile incidents, such as the 2022 residential building collapse in Changsha in which 54 people died, that highlight the need for more robust housing safety measures.

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China is piloting a housing pension system in 22 cities, including Shanghai, to maintain aging residential buildings.
More than 60% of urban housing is over 30 years old, raising safety concerns; the system aims to provide a more reliable funding mechanism for updates and repairs.
Current maintenance funds are inadequate; the new system will involve a government-backed public account and possibly homeowner contributions.

AI generated, for reference only

What Happened When

By 1998：: Home buyers in China have been paying into a housing maintenance fund, which is entirely funded by homeowners based on the size of the property.

2022：: A residential building collapsed in Changsha, resulting in the deaths of 54 people.

August 20, 2024：: Shanghai Mayor Gong Zheng said at a meeting that Shanghai would implement the new housing pension system in two phases.

Friday, August 23, 2024：: Dong Jianguo, vice minister of the Ministry of Housing and Urban-Rural Development, addressed concerns about the new housing pension system at a news conference.

AI generated, for reference only