New Regulation Issued to Promote Green Real Estate in Zhejiang
"Passive" housing in Changxing County, Zhejiang province. Compared with traditional buildings, it can save 90% of the energy used in heating and cooling. Image: thepaper.cn
Zhejiang province has rolled out new legislation to require the construction of environmentally friendly real estate. The regulation, which took effect on May 1, is apart of the government-led initiatives to save energy and reduce construction waste. It requires construction projects in the province to save as much energy, land, water and materials as possible throughout their life cycle to protect the environment and reduce pollution.
Buildings in the province will be divided into a three-tier grading system based on their energy-consumption levels. Residents who purchase real estate in the second and third tier will be able to obtain larger loans from provident funds, which generally means lower rates of interest, it stated.
The regulation is also aimed at reducing construction waste generated by individual owners when they finish the home with such things as flooring, lights, kitchen cabinetry and appliances, interior doors and bathroom fixtures.
All new multistory residential buildings in the province are required to be finished by the real estate developer before the project is handed over to homebuyers. Furthermore, the regulation will help the homebuyers customize building design through the developer.
The Chinese government has established a goal of having green buildings account for 30 percent of new construction projects by 2020, according to a guideline jointly released by the Ministry of Finance and the Ministry of Housing and Urban-Rural Development in 2012. The guideline also specifies a goal of bringing China's energy consumption ratio closer to that of developed countries by 2020.