BJ supports use of public housing fund

Many homebuyers using public housing fund mortgage applications in China have been rejected by property developers, because the mortgage service can enjoy a lower loan rate. Now such homebuyers in Beijing will no longer be turned down by the real estate companies.

The Beijing Municipal Construction Committee and the Beijing Municipal Public Housing Fund Center have jointly released a notice this week. The notice says real estate developers can not refuse to sell houses when consumers choose to pay their loans with public housing funds.

And they are also required to cooperate with the local authorities to provide details of the home buyers. The city will punish those developers who break the rules by suspending their sales.