Hohhot property deals: Chinese city offers graduates 50 per cent off new homes

By Frank Tang frank.tang@scmp.com / https://www.scmp.com/economy/china-economy/article/3007065/hohhot-property-deals-chinese-city-offers-graduates-50-cent?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | April 22, 2019 6:52 PM SGT
A city in north China is offering half-price homes or two years' free accommodation to recent graduates in a bid to attract fresh talent and breathe new life into its economy.
According to a document published on Thursday by the municipal government, authorities in Hohhot, capital of the Inner Mongolia autonomous region, are planning to build a range of new flats especially for those who have graduated within the past three years.
Each property will measure about 100 square metres (1,100 square feet) and be offered at a discount of 50 per cent against the market price.
The government did not say how many flats it was planning to build or when they would be available but said they would go on sale from next month. To take advantage of the discount, buyers must live and work in Hohhot, and be able to make a 20 per cent down payment.
The new homes in Hohhot will go on sale next month. Photo: Alamy
Those who already own a property in the city are excluded from the offer, and anyone who buys one of the new homes will be prohibited from selling it for five years.
In the event of a new owner having to move out of the city within that period, they will be able to sell the property back to the government or purchase the discounted portion for the going rate.
Those who meet the purchase and employment criteria but do not wish to buy their own property can apply instead for two years' rent-free accommodation in one of the new homes, the document said.
The new initiative in Hohhot " a city of about 3 million people, or roughly the same as Chicago " is part of a wider "talent priority" strategy designed by the local government to stimulate the economy.