First Common Property Right Aged-care Facility Trial Appears in Beijing

Recently, the first common property right aged-care institute trial in Beijing welcomed its first aged residents who would receive their common property right aged-care facility real estate property right license shortly later. It is reported that, as the only common property right aged-care facility trial in Beijing, Shuangqiao Golden Heights attributes its 50-year property right 5% and 95% to the enterprise and the customer respectively. Each apartment should have a resident over 60 years’ old who has to submit RMB 3000 yuan service fee monthly. After ownership transfer, the home buyer could rent or transfer the apartment at any time at market price. The transaction is not restricted by the current Beijing ordinary commodity house purchase limitation.