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China eases curbs on housing fund withdrawal

Updated: Jan 29,2015 3:41 PM

Restrictions on withdrawing money from public housing fund accounts will be eased, according to a circular.

The circular, released on Jan 20 by the Ministry of Housing and Urban-Rural Development, the Ministry of Finance and the People’s Bank of China, aims to ensure the rights and interests of employees who have deposited money into their housing funds and make the withdrawal process easier.

“The efficiency and equality of the system,’’ as well as the development of the housing rental market will also be improved, the circular said. The housing funds can be used to cover monthly rent, the circular added.

Employees who do not own property in the city where they have deposited money into their housing funds, and whose spouses do not own property in the city either, will be allowed to withdraw money for rent once they have a three-month record of deposits, according to the circular.

The ministries and the central bank have called for simpler withdrawal and verification procedures at various branches throughout the country.

More precautions have also been put in place to combat fraud, it said.