Moreover, as a special fund, in the process of house resale, the balance in the account will be transferred to the new property owner with the change of property rights.
China's housing maintenance fund system began in 1998. In 2004, the housing maintenance fund evolved into a fee that must be paid for housing property certificates. Its payment standard has also changed from the initial "2%-3% of the purchase price" to "5%-8% of the cost per square meter of residential construction and installation projects" in 2008.
According to the newly revised Measures for the Administration of Special Maintenance Funds for Residential Buildings in 2007, public maintenance funds are earmarked for the maintenance of public facilities in residential quarters and are owned by all owners. But before the establishment of the owners' committee, the funds were generally managed by the real estate administrative department.