Guangdong Province is researching housing subsidy standards and is reported to be planning to increase subsidies in the province.
The current housing subsidy policy of Guangdong Province was made in 2000 when the subsidy standard was set based on the price of government subsidized buildings. As the standard has not been changed for many years, but the housing prices have increased very fast during the period, home owners are facing more financial pressures.
A representative from Guangzhou Municipal Land and Property Management Bureau has told local media that a measure for increasing the housing subsidy standard has been submitted to the government for approval. Although the representative has not disclosed the detailed amount of the subsidy, he says that it is a big adjustment.
Statistics show that from January 1, 2000 to December 2006, Guangdong issued a total of RMB7.05 billion in housing subsidies to 365,100 employees.
