Houses in Beijing’s top school district lose allure with young parents as authorities change admissions policy
- A mother of a four-year-old girl has found that a US$1.14 million Xue Qu Fang – a house in a good school district – does not guarantee her child a spot in an elite school
- Following a meeting chaired by President Xi Jinping in April 13 top cities plan to roll out measures to curb speculation of homes in school districts
Chinese policymakers’ crackdown on Xue Qu Fang – homes in good school districts – is worrying buyers. Young parents fear they could lose out on an assured place for their children in elite schools and an assured appreciation in home prices. Authorities, however, seem to have found a way to cool down runaway property prices.
Fang Liang, mother of a 4-year-old girl, has had recurring nightmares in the past few days. They were all about a 7.4 million yuan (US$1.14 million) Xue Qu Fang she bought earlier this year, despite which she failed to secure a seat for her daughter in an elite school nearby.
“Sometimes, my phone would suddenly ring and when I would answer it, the voice on the other end would say in an indifferent voice that my daughter had to go to a low-ranked school,” Fang said, recounting her nightmares.
She fears the millions of yuan she has spent on buying the home have gone down the drain.
Fang bought the 35 square metre (377 sq ft) flat in January in Xicheng district, paying more than four times the average price of a lived-in home in Beijing and nearly double the asking price of a similar size home a few blocks away.
