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China's pilot housing pension system in 22 cities, including Shanghai, aims to better facilitate existing housing upgrades and enhance people's living environment, said an official and real estate experts, dispelling fears of the system being a new form of property tax. The housing pension system consists of personal accounts and public accounts, the Ministry of Housing and Urban-Rural Development said in a statement on Monday. Personal accounts have been established through homebuyers' contributions to a housing maintenance fund, while a certain proportion of land transfer fees, appreciation of housing maintenance funds and fiscal subsidies are likely to become sources of capital for the public accounts, it added. "Housing pension" became a widely discussed and debated topic over the weekend after the State Council Information Office announced the piloting of the system during a news conference on Friday. ▲ Workers renovate an old residential building in Xi'an, Northwest China's Sh
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