Beijing: Introduce social capital to participate in the renovation of old residential areas in various ways, and increase financial and tax support.

Net News: The Beijing Municipal Commission of Housing and Urban-Rural Development recently issued a notice on printing and distributing the Opinions on Introducing Social Capital to Participate in the Renovation of Old Residential Areas.

The opinion shows that social capital should be introduced to participate in the renovation of old residential areas in various ways, including: by providing professional property services, by providing "renovation+operation+property" and by providing professional services, social capital should be encouraged to participate in the renovation of old residential areas as the main body of implementation. The district government can determine the implementation subject of the transformation of old residential areas through the integrated bidding method of "investment+design+construction+operation".

In addition, the "Opinions" clarify that fiscal, taxation and financial support for social capital to participate in the transformation of old residential areas should be increased, and loan interest subsidies of no more than 5 years and no more than 2% should be given to eligible projects. Support the introduction of specialized property services through the way of "tasting before buying", and the district governments may reward and subsidize the imported property service enterprises recognized by the owners' meeting or meeting.

Encourage financial institutions to participate in investing in urban renewal funds such as the renovation of old residential areas set up by the city government. Support social capital to carry out asset securitization business of enterprises like REITs and ABS. Support social capital to apply for medium and long-term loans from development financial institutions, commercial banks and other financial institutions through project financing and enterprise financing. Support social capital to use financial subsidies, government in-kind capital injection, property rights units and residents' investment as capital for project financing.

In addition, the Opinions explained and arranged the overall utilization of stock resources, simplified examination and approval, supervision and management.