Overseas Chinese Apartments

Overseas Chinese Apartments(Huaqiao Guju): Located in the residential district near the Jianguomen Overpass, just opposite the International Club, the plush Overseas Chinese Apartments consist of six 14 – 18-storey buildings with a total floor space of more than 51,000 square metres. They are the first group of houses to have been sold directly to returned overseas Chinese, who wished to buy their own houses in Beijing.

The Overseas Chinese Apartments have a total of 284 four-, five-and six-room flats plus 18 luxury 8-12-room penthouse apartments. Each apartment has its own telephone, air-conditioner (optional) and modern toilet and kitchen equipment imported from abroad.

Another unique feature of the apartments is a three-storey garage, accommodating 140 cars. Within a 1.5-hectare courtyard, there is a spacious paved parking terrace, green areas and a small Chinese garden.

Other facilities include a restaurant, a photo studio, a bank, a florist and a supermarket-all housed in a two-storey annex running a-long the front of the main block, facing Jianguomenwai Street. The service annex is designed by Hong Kong architects, while the main block is designed by the Beijing Urban Architectural Design Institute.

The whole project was built with a bank loan of 60 million yuan( $ 22 million) from the Beijing Housing Development and Managing Corporation, which is also responsible for the management and maintenance of the finished apartments and the service facilities.
The corporation, which was set up in March 1983 under the Beijing Municipal Housing and Real Estate Administration, has undertaken the job of developing housing for returned overseas Chinese in answer to their repeated requests.

Earlier December 1984, it refurbished 102 apartments, originally intended for local residents, near the Temple of Heaven and offeredthem for sale through the Beijing Overseas Chinese Association.

China began selling State-built urban apartments to residents in1982 – first on a trial basis in four cities: Zhengzhou in Henan, Changzhou in Jiangsu, Shashi in Hubei and Siping in Jilin Province. According to the arrangement, the buyer paid only one third of the price, while his employing unit and the State shared the balance equally. The buyer is often allowed to pay his share of the price over a period of five to 20 years in instalments.

As a result of the successful experiment, the sale of apartments has now begun throughout China as a major step in reforming the existing housing system, which at present completely depends on State subsidy.

In 1985, about 350,000 apartments offered for sale in 80 cities in China-three times more than the total of 1984. Moreover, business and hotel buildings have also been built for sale since 1985.

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