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China's Guangzhou city asks developers to build more apartments for young people

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China's Guangzhou city asks developers to build more apartments for young people

The city government of Guangzhou in southern China will require developers to set aside at least 10% of newly built apartments for "young talents" and low-income families, according to a Dec. 31, 2019, government notice.

The apartments must be at least 30% of the total site area of a property development if it is in the center of China's third-most-populous city, according to the notice from Guangzhou Municipal Housing and Urban-Rural Development Bureau.

In some major Chinese cities such as Guangzhou and Shanghai, college graduates who do not own properties are eligible for renting apartments that are built for "young talents." The rent is usually slightly lower than the market price.

The new regulation is aimed at providing affordable and "transitional" living space for young people and low-income families, many of whom are coming to the city for work, according to the notice.