260

From 1950s to 1990s, if you were a worker in a factory (or other state-owned institutions), the factory would allocate you an apartment for free, and you only need to pay monthly rent.

After 2000, the government allowed workers to buy their apartments at a relatively low price, changing the title deed from gongfang (公房, public housing) to sifang (私房, private housing).

Assuming 2,000 RMBY per square meter. If you have worked in the factory for 20 years, the government would subtract 50 yuan each year, so the actual price was 1,000 RMBY. (2000 - 20 x 50 = 1000)

In 2000, I bought out my public apartment at a satisfactory discounted price. This was my first private apartment. In 2005, I bought my second private apartment, I still live in it to this day.