Shanghai to increase the supply of budget homes by year-end

KUALA LUMPUR: More affordable homes are to be built in Shanghai, adding about 4 million sq m by the end of this year.

The city will soon start constructing 12 million sq m of affordable homes, or 60 percent of the city’s year target for new housing, a report by Shanghai Daily said on Friday Jan 29.

It said in Shanghai, the affordable housing program mainly covers low-rent apartments, budget homes, as well as houses under urban redevelopment plans for relocated residents.

Shanghai mayor Han Zheng was quoted saying the city will increase the supply for affordable housing while cracking down on property speculation as home prices are already “too high”. He said this during the annual session of the municipal legislature.

The daily also quoted Han saying housing development in Shanghai should primarily be for end users rather than investors and speculators, and more ordinary homes instead of high-end and luxury houses should be built.

Shanghai will expand its budget home program to more districts in 2H2010 and restoration projects to improve old buildings will also be accelerated. It was also reported that the city will monitor the housing market and may introduce more measures to cool down overheating, if necessary.

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