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Hangzhou housing policy gains international attention

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Hangzhou housing policy gains international attention

December 30
11:42 2021

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Hangzhou, capital of East China’s Zhejiang province, at dusk. [Photo/CFP]

The commitment of Hangzhou, capital of East China’s Zhejiang province, to assign at least 10 percent of its new residential land for affordable rental housing every year has raised the interest of Reuters, as the British news agency published a related report recently.

According to the report, Hangzhou, which is known for its high cost of living and is home to over 12 million people, will provide 330,000 units of affordable rental housing during the 14th Five-Year Plan (2021-25) period.

Statistics from the National Bureau of Statistics show that housing prices in Hangzhou in 2020 averaged at around 27,000 yuan ($4,241.7) per square meter, almost double the nationwide average of 14,000 yuan.

The new policy is expected to relieve the rental housing burdens on people in Hangzhou, as the city has seen a continuous net inflow of population, especially high-caliber professionals, in recent years.

Shenzhen and Guangzhou, two major cities in South China’s Guangdong province, also announced that they will implement similar policies earlier this year.

The policies reflect China’s efforts to address the growing housing issues faced by young people in large cities, as soaring prices have made housing unaffordable.

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