What does public maintenance fund mean?

Legal analysis: Public maintenance fund refers to a certain standard of money paid by residential property owners, which is used for the maintenance of public parts in the property area and managed by the owners' committee. After the warranty period expires, the public maintenance fund will be used for the maintenance of public parts of the property. Specifically, the owners should share the actual expenses according to the criteria for determining voting rights. * * * Facilities and equipment mainly include elevators, green spaces, roads, street lamps and non-operating garages.

Legal basis: Article 281 of the Civil Law of People's Republic of China (PRC), the maintenance fund of the building and its ancillary facilities belongs to the owner. With the consent of the owner, it can be used for local maintenance, renewal and transformation of elevators, roofs, external walls and barrier-free facilities. The collection and use of maintenance funds for buildings and their ancillary facilities shall be announced regularly. In case of emergency, if the building and its ancillary facilities need to be repaired, the owners' assembly or the owners' committee may apply for the maintenance funds of the building and its ancillary facilities according to law.