Shanghai to cut land supplies for luxury properties
19/5/2004 14:47
Shanghai will increase the land supplies for common properties while
put a lid on those slate for luxury housing, said Pang Yuan, vice director with
the Shanghai Housing and Land Resources Administrative Bureau yesterday, the
Youth Post reported today.
"Besides reducing the land supplies for high-end
properties, we will also cut the number of relocated households to less than
80,000 this year," Pang pointed out.
"Currently, we will focus more on sold
while unoccupied apartments, which can be considered prospective housing
supplies," he said.
"However, we will guarantee the land supplies for mid and
low-end housing, which can satisfy the demand of ordinary residents," he
stressed.
A total of 5.2 million square meters of housing slate for
residents relocated for local urban construction are expected to hit the market
this year, with nearly 10 million square meters of ordinary properties predicted
to be marketed.
It is government's right and responsibility to regulate and
control land supplies, said an industry analyst.
Wendy Zhang/ Shanghai Daily news
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