Guangdong mulls using housing funds as down payments

File photo [Chinanews.com]

(ECNS) --Guangdong plans to allow citizens to withdraw their housing funds and use the money to make a down payment on a house or pay rent, the Southern Metropolis Daily reported on Tuesday.

According to a draft regulation issued by the provincial government, more reforms will be introduced to housing funds, which can now be withdrawn after citizens buy a house.

The newspaper cited an official from the provincial housing and urban-rural development bureau, who said housing funds will be withdrawn from the governmental housing reserve pool for down payments or rents in the future.

But he also said more measures will be taken to restrict the defrauding of housing funds.

Guangdong also allows workers who have critical diseases to withdraw housing funds for medical treatment.