China Pilots Government-Funded Housing Renovation System in 22 Cities

00:00

00:00/00:00

Listen to this article 1x

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.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Download our app to receive breaking news alerts and read the news on the go.

Get our weekly free Must-Read newsletter.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

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