To promote the stable and healthy development of the real estate market, the Harbin Housing and Urban-Rural Development Bureau announced that from now until November 5, they will collect existing commercial properties in the city for use as affordable housing.

The announcement stated that the Harbin City Development Investment Group will establish a specialized institution to handle the acquisitions. The target of the collection are real estate development enterprises in the city area that own existing commercial housing units and voluntarily participate in using them for affordable housing. The requirements for the properties include residential nature, building area less than 120 square meters, completion of necessary procedures, clear ownership, clear assets and liabilities, clear legal relationships, convenient transportation, and adequate supporting facilities. Priority will be given to entire buildings or units that have not been sold.

The acquisition price is based on the upper limit reference of the resettlement price for affordable housing in the same location, including land allocation costs, construction costs, and a profit margin of up to 5%.