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More difficult to convert Commercial Properties into Private Apartments
Published on: 2017-04-24
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040An office complex such as the one above in Beijing is often converted into private apartments.


Authorities in Chengdu have set new hurdles for converting commercial property into private apartments, as the interior city attempts to further curb ballooning property prices.


Housing authorities in the central China city have stipulated strict floor plans for real estate projects built on land approved for commercial projects - chiefly offices and shops - making it difficult to convert them into private apartments, according to guidelines published on Friday.

041
The rules also prohibit land developers and real estate agents from advertising residential functions of such developments, barring the use of terms such as "commercial residence" and "serviced apartments." Firms found describing office buildings as such will be marked down for misconduct in the city's enterprise information system.


According to the regulations, buildings designated for commercial use should have hallways and public restrooms, as opposed to restrooms in each suite. Story height in commercial buildings should not exceed 4.6 meters, so that units cannot be remodeled into two-story loft apartments. Neither should there be balconies or natural gas, both considered bonuses for adapting offices into homes.


Chengdu's rules, which only apply to commercial property in the land approval process and have no power over those already in the market, and are lax in comparison to the rules Beijing rolled out against "altered-use properties" in late March.


Beijing banned all parties, except legally registered public institutions, companies and social organizations, from purchases of "altered-use property" in what is considered one of the most effective crackdowns on housing speculation.


Sales of "altered-use property" in the city nearly vanished in the three days following Beijing's restrictions, plummeting by 99%, according to figures from Centerline property.


Beijing also ordered commercial banks to stop providing mortgages to individuals for commercial property and threatened to revoke the licenses of real estate agents involved in such deals.


Beijing also set a minimum floor area of 500 square meters for each unit, a size far beyond the finances of most individual home buyers。


"The restrictions in Chengdu are nowhere as strict as those in Beijing, and they have not set a limit on the minimum floor area of each suite," said a real estate agent in Chengdu. "This seems to be an intentional loophole left in by the authorities. This will help ensure a steady inflow of property taxes," they said.

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