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Welfare homes ready on market
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THE authorities have given the final go-ahead for the trading of subsidized homes on the market by allowing owners to replace their green-cover title deeds, used for welfare flats, for red-covers, the standard title documents for commercial homes, beginning March 1.
Shenzhen last July introduced housing reform designed to enable welfare flats to become marketable, in an effort to encourage their owners to purchase new commercial homes. But the reform could not be fully implemented until the Municipal Land and Planning Bureau disclosed the title deed arrangement, according to a Shenzhen Economic Daily report yesterday.
The city now has 158,000 welfare flats, consisting of 50,000 developed by the Municipal Housing Bureau, and those built by district governments, enterprises and various institutions for their staff.
Owners of government-built houses will not have to go through complicated procedures as the ownership has been made clear. But owners of other subsidied houses may face a tedious process because approvals from their current or previous employers who subsidized the housing are needed before the title deeds can be replaced and the flats transferred.
According to the land resources bureau, it should take three to 15 days to replace title deeds. Tax incentives are available for sellers of subsidized homes if they have lived in them for more than five years or if they purchase a commercial flat within one year.(SD News)
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