City to rebuild old housing
23/3/2004 14:44
Shanghai will invest 200 million yuan (US$24) this year to reconstruct 11
million square meters of 20-year-old housing. The move will benefit 250,000
local families, according to the Shanghai Housing and Land Resources
Administrative Bureau yesterday.
Housing apartments built before 1985 are
currently facing such problems as leaking roofs and blocked pipelines. In order
to improve living conditions in this housing, Shanghai has initiated a
three-year program to reconstruct more than 20 million square meters of old
apartments inside the Inner Ring Road.
This year, the city will invest 200
million yuan upgrading 291 elevators and rebuilding 11 million square meters of
old apartments, including 1.2 million square meters of residential quarters
without property management.
To guarantee the quality of the project, the
Shanghai Housing and Land Administrative Bureau will invite veteran supervisory
units and personnel to be in charge.
Reconstruction funds will be covered by
subsidies from city and district (county)-level real estate departments and from
the maintenance funds of property owners.
Wendy Zhang/ Shanghai Daily news
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