(ECNS) -- In the next two years, Beijing plans to supply 70,000 houses which will be sold for 30 percent lower than market price, the city's Commission of Housing and Urban-Rural Development said on Tuesday.
The houses, termed 'self-living commodity houses,' cannot be transferred for five years, and 30 percent of the transaction revenues after that period will be handed to the city government.
The commission said most of the houses will be less than 90 square meters.
All eligible buyers for property in Beijing can apply for the new houses, including immigrants without Beijing "hukou," or household registration certificates, according to the commission.
A lottery system will be introduced to determine the ultimate buyers, it said, adding that indemnificatory housing applicants and Beijingers who have no property will have priority.
Altogether 20,000 houses will be finished by this year's end, and another 50,000 next year.
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