租售同权(zū shòu tóngquán): Tenants enjoy the same rights as home buyers

The Guangzhou government recently issued a new plan to accelerate the development of the housing rental market.

The plan aims to promote the steady and healthy development of the real estate market in the city and allow tenants to enjoy the same rights as homeowners.

For instance, according to the plan, children of qualified tenants will enjoy the same right of enrollment to a nearby school during the compulsory education period as those of homeowners.

It also increases the support of the housing accumulation fund to tenants. In the past, the monthly amount that tenants could withdraw from the housing accumulation fund was no more than 30 percent of two times the previous year's average monthly wage in the city, now the percentage has been raised to 40 percent.

Qualified tenants must have registered their rental contracts with the local authority and have either a Guangzhou registered permanent residence (hukou) or "green card".

In addition, low income families that normally pay into the housing accumulation fund will enjoy priority for public rental housing, which is a new method to enable low income group's housing right.