City to offer more low-priced housing
12/6/2003 14:29
Local families are expected to purchase mid and low-end housing
properties priced between 3,000-3,500 yuan (US$361-US$421) per square meter
around the city's outer-ring-road, the Shanghai Morning Post reported
today.
Shanghai will raise the supply of mid and low-end housing
properties to meet the local demand, planning to construct three million square
meters of mid and low-end properties every year for three years in a row,
according to the Shanghai Construction Commission.
The properties will
offer convenient access to local transportation, according to the
commission.
The city will also issue policies to boost housing
consumption, especially supporting mid and low-income families who wish to buy
or lease properties. It will encourage lenders to offer housing mortgage loans
and guarantees to mid and low-end families.
Such property projects,
priced between 3,000-3,500 yuan per square meter, will be located around the
city's outer-ring-road with access to public transportation, and are expected to
start construction this year.
To date, 30 percent of the housing
properties under construction are located inside the inner-ring-road, 45 percent
between the outer-ring-road and inner-ring-road and 25 percent outside the
outer-ring-road.
The city will control the properties constructed inside
the outer-ring-road this year and enhance transportation facilities around the
outer-ring-road.
Sixty percent of the new land supply reserved for
residential properties in the first quarter of the year is located in the city's
suburban areas such as Minhang, Baoshan, Jiading, Qingpu and Fengxian districts.
Wendy Zhang/ Shanghai Daily news
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