The Shenzhen municipal government will subsidize property management in housing communities built before November 1994, local Chinese-language newspapers reported Thursday.
A number of old communities in Shenzhen, especially the ones that were part of villages before urbanization, now face many problems like deteriorating environment and lack of public facilities, the municipal government said in a notice.
The notice requires all districts to establish a fund to subsidize the enterprises that take over the property management of old communities.
In the past, property management firms have been reluctant to oversee old communities, as they always suffered losses.
The firms will have 60 percent of their losses subsidized by the government in the first year, 30 percent of the losses subsidized in the second year and 10 percent in the third year, the notice says.
The municipal government has asked the construction department to check for dangerous buildings, and the urban management department to provide greenery. Other departments such as firefighting, water resources, post, telecommunication, and gas have also been asked to participate in the renovation of old communities.
(Shenzhen Daily April 7, 2006)
