City continues efforts to balance housing sector
13/3/2003 14:23
Shanghai will continue to restrict the land available for the
construction of villas and high-end properties in order to promote construction
of mid and low-end housing, the Jiefang Daily reported today.
The city
has strictly limited the land available for villa construction in the last three
years and will continue its efforts, said a spokesman with the Shanghai Housing
and Land Resources Administration.
Mid and low-end properties are the
driving force in the local real estate market, said an industry
analyst.
According to statistics, 75.7 percent of pre-paid units were
bought by local residents last year, of which 51.9 percent were mid-end
properties, priced between 3,000 and 5,000 yuan (US$361-US$602) per square
meter, and 14.4 percent were low-end, priced below 3,000 yuan per square
meter.
However, 10-15 percent of new properties in Shanghai, as a
developing metropolis, should target global buyers and local high-income
residents, the analyst said.
Villas priced between one million yuan and
1.5 million yuan were very popular with local high-income earners, statistics
indicated.
Wendy Zhang/ Shanghai Daily news
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