When it comes to getting their kids into one of Beijing’s top schools, parents will do seemingly anything. They’ll even pay sky-high prices for homes in districts boasting the best schools for a chance to gain admission.
In Beijing, the majority of students are assigned to a school in the district where they reside, meaning many parents are choosing to move to neighborhoods boasting the best schools. This relatively new trend has caused a dramatic increase in real estate prices in many Beijing neighborhoods. In order to deal with the issue, authorities are now cracking down on parents who are overpaying for property for the sole purpose of getting their kids into a good school.
The capital announced that it will now institute a lottery for spots in some of the capital’s most coveted primary schools in order to curb the rising cost of housing in certain districts, South China Morning Post reports.
Many parents have forked out millions of yuan for homes. Last year a tiny alleyway located next to Beijing First Experimental Primary School’s Qianmen Branch went on sale for RMB1.5 million. And it wasn't even inhabitable!
This trend has caused rent in some areas to spike from an average of RMB130,000 to RMB150,000 per square meter.
However, just because parents are paying top dollar for these (often substandard) homes doesn’t mean their kids will be awarded a spot in these highly sought after schools. According to authorities, one aim of the new lottery is to “lower” parents’ expectations.
Officials have yet to announce the specifics behind the new lottery or which schools will be involved.
[Image via South China Morning Post]
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