Government agency to handle city housing funds

Government agency to handle city housing funds

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A new government agency was designed to manage city’s housing funds will be set up by the end of the month. No date was given but monthly payments of the employers and employees will start in december.

For some reasons, Shenzhen is the only major city that did not have a housing fund required by the Central Government. Employers and employees with Shenzhen hukou pay the funds and account holders can acquire low interest loans to buy homes.

In 1999, the regulations of a housing provident fund wa announced by the State Council and took effect the same year. In the following years, many cities set up a fund in accordance with the regulations. In the new system, saving plans is complusory for all hukou holders and employers. It was designed to increasae home ownership among Shenzhen residents. These savings can be used to purchase homes or renovate them.

Under the new plan, a commissioned commercial bank would be assigned to handle the financial business such as housing provident fund loans and settlement.

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