BEIJING: China may need to replace more than half of its housing stock in the next 20 years, a researcher at the housing ministry said in remarks published on Friday, Aug 6.
Most flats built between the 1970s and 1990s are cramped and uncomfortable, falling well short of today's standards, Chen Huai, who heads the ministry's policy research office, was quoted as saying by the Southern Metropolis Daily.
The trend for households to upgrade to more modern flats, along with urbanisation, is a fundamental driver of demand for property in China.
"Homes that were built from 1979 to 1999 can last only for another 10 to 15 years because their original design no longer meets the demands of people living in a fast-developing city," Chen said. — Reuters
Most flats built between the 1970s and 1990s are cramped and uncomfortable, falling well short of today's standards, Chen Huai, who heads the ministry's policy research office, was quoted as saying by the Southern Metropolis Daily.
The trend for households to upgrade to more modern flats, along with urbanisation, is a fundamental driver of demand for property in China.
"Homes that were built from 1979 to 1999 can last only for another 10 to 15 years because their original design no longer meets the demands of people living in a fast-developing city," Chen said. — Reuters
SHARE
TOP PICKS BY EDGEPROP
SALE
FEATURED
Bandar Mahkota Banting (Brooklands)
Banting, Selangor
RM 470,000
4 beds |
3 bath |
1568 sqft
SALE
FEATURED
Sri Angkasa Apartment, Seksyen 28
Shah Alam, Selangor
RM 220,000
2 beds |
1 bath |
683 sqft
SALE
FEATURED
IMPIANA VILLA @TAMAN TUANKU JAAFAR
Seremban, Negeri Sembilan
RM 475,000
4 beds |
3 bath |
2220 sqft
SALE
FEATURED
Jalan Bandar Kinrara 2/9
Bandar Kinrara Puchong, Selangor
RM 695,000
3 beds |
2 bath |
1260 sqft
RENT
FEATURED
D'Ambience Residences (Ikatan Flora), Bandar Baru Permas Jaya
Permas Jaya/Senibong, Johor
RM 1,300
3 beds |
2 bath |
1114 sqft