Hohhot to offer graduates 50 percent off new houses

A job fair is held in Hohhot, Inner Mongolia autonomous region on March 3, 2018. [Photo/IC]

Hohhot, the capital city of Inner Mongolia autonomous region in North China, will offer half-price houses or two years' free accommodation to recent graduates -- in a bid to attract skilled personnel and bring new energy to its economy, according to a housing document published by the municipal government on April 18.

The initiative is designed especially for those who have graduated from colleges within the past three years and worked in a designated area. The new incentive will be effective from May 18.

A range of new flats will be built and graduates who meet the purchase and employment criteria could buy the flats at a discount of 50 percent on market price. To take advantage of the discount, buyers also have to be able to make a minimum 20 percent down payment.

Those who already own a property, or those whose parents have own two or more properties in the city, are excluded from the offer, and anyone who buys one of the new flats will be prohibited from selling it in five years.

The document also announced that eligible graduates who do not want to buy properties can apply for two years' rent-free accommodation in the new flats instead.

In the case of buyers having to move out of the city during the period, they will be allowed to sell the homes back to the government.

The new offer for low-cost housing is part of the city's continuous efforts to attract skilled personnel to stimulate its economy.

Local officials said it is expected that the offer will be well received by those planning a move to the capital.