China : New regulation to promote green real estate

Zhejiang Wuzhen Xishan city scenery 8 11154 728x409

As part of a government-led initiative, Zhejiang province in eastern China has rolled out a new legislation rule requiring all construction projects to be environmentally friendly, which aims to save energy and reduce construction waste. The regulation will officially take effect on 1st May 2016.

The policy divides buildings into a three-tier grading system based on the building’s level of energy consumption. Hence, if residents purchase real estate in the 2nd or 3rd tier, it would mean that they would obtain larger loans and in turn lower interest rates.

According to Yao, Zhejiang provincial Department of Housing and Urban Rural Development official, the regulation aims to reduce construction waste generated by individual home owners in the process of finishing their houses, requiring that all new provincial multistory residential buildings be finished by the real estate developer before the project can be handed over to homebuyers. Aside from saving on construction waste, the regulation will help the homebuyers customize building design through the developer.

Yao assures customers that the move would not result in higher costs, stating that by incorporating green elements into their homes would mean designing the buildings in a more energy-saving way. Rainwater recycling systems, for instance, would cost about 100,000 yuan ($15,450).

The target established by the Chinese government in regards to this regulation is to have green buildings account for 30 percent of new construction projects and bring China’s energy consumption ratio closer to that of developed countries by 2020.

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