Abstract
Housing of limited property rights, including so-called small-property-rights in the countryside (SLPR housing) and affordable housing program in the city (ALPR housing), is an important feature of China's housing policy. This paper presents an integrated analysis of ALPR and SLPR housing, focusing on the inalienability and other restrictions on ownership entitlement. We find inconsistency in current ALPR and SLPR housing from equity perspective. The most important function of the inalienability of LPR housing is to help maintain macro stability in economic reform. In this sense, inalienability rules can be an important tool for implementing partial reform strategy. More important, nation-wide application of inalienability rules can be a second-best tool to protect private property rights from the intervention of local political forces. However, various problems with ALPR and SLPR housing show that inalienability rules are also a rough tool that needs to be improved or replaced in order to achieve microeconomic efficiency.
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