Government News
Shanghai explores setting up home revamp fund to ensure upkeep of aging buildings 2024-08-25
Shanghai, the largest Chinese city by population, is planning to establish a renovation fund for old homes that will cover the cost of inspections, renovations and insurance to ensure the safety and upkeep of buildings that have fallen into disrepair.
Shanghai will set up a mechanism to conduct regular inspections of buildings, promptly identify any problems and take targeted measures to eliminate safety hazards, Mayor Gong Zheng said at a meeting of the Shanghai Municipal People's Congress Standing Committee this week. When buildings face significant risks and require substantial funds for repairs, it is necessary to leverage the backing of the insurance industry.
The proposed housing renovation fund will provide a source of funding for house inspections, insurance, and minor repairs, Gong said, without mentioning how the funds would be raised. The new policy should be piloted in Pudong New Area this year, and then rolled out citywide next year, he said.
Shanghai had more than 760 million square meters of housing floor area as of the end of last year, and many of these properties are getting quite old and need regular inspections and repairs to ensure safety, Gong said.
The proposed new system will help maintain the physical condition of houses, extend their lifespan and maximize their economic value, said Lu Wenxi, a senior market analyst at Shanghai Centaline Property Agency. It will prevent delays in repairing derelict houses due to a lack of funds and is a positive development for homeowners in the city.
The housing renovation fund will provide a long-term and stable source of funding for the maintenance and upkeep of properties, said Yan Yuejin, deputy director of the Shanghai E-house China Research and Development Institute. It addresses the current lack of property maintenance funds and low utilization efficiency.
A feasible funding mechanism could be established by drawing on the basic social pension insurance fund system, Yan Rong from the Shanghai Real Estate Science Research Institute said previously. This mechanism would involve joint contributions from government financial subsidies and homeowners.
Source: Yicai Global
Application Status
| 04-16 | 21315227 | Processing |
| 03-12 | 21315226 | Processing |
| 09-26 | 21315225 | Processing |
Inquiry Status
| 02-29 | 02131558 | Received |
| 03-06 | 02131557 | Received |
| 11-14 | 02131556 | Received |
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