The city government will provide subsidies to rental housing projects in an effort to stabilize the rental prices, which have been rising in recent years.
The housing and finance authorities have jointly issued measures for the management of the special funds for the development of the housing rental market, Shenzhen Special Zone Daily reported Thursday.
The measures specify application conditions and the amounts of subsidies.
According to the measures, commercial housing projects can get a subsidy of up to 1,500 yuan (US$219) per square meter, depending on the continuous lease terms promised by the operators. New rental housing projects are eligible for a subsidy of 800 yuan per square meter. Renovation projects that provide rental apartments can receive 300 yuan in subsidy per square meter.
The special funds will mainly be utilized for two types of projects: projects operated by enterprises and projects in which the city and district governments have purchased services from society to support the development of the housing rental market.
As to the application conditions of the special funds, the measures have made it clear that those receiving the special fund subsidies should have good credit records and no violations of laws and regulations.