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City鈥檚 housing sector reforms paying off
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SHANGHAI’S efforts to build a housing system that encourages both buying and renting made steady progress in the first half, with tightening policies to rein in speculation remaining effective in curbing prices growth.
“As tightening measures continued to be strictly implemented, the city’s residential property market performed generally stable in the first six months of this year,” said an official with the market supervision division of the Shanghai Housing Administration Bureau.
“The volume of new home transactions declined and prices were largely stable, with some minor decreases.”
Between January and June, sales of new residential properties, excluding government-funded affordable housing, totaled 2.39 million square meters, a year-on-year fall of 26 percent. About 6.2 million square meters of pre-occupied homes changed hands, a decrease of 2 percent from same period a year ago, according to official data.
New home prices remained unchanged last month from May and fell 0.2 percent year on year. Pre-occupied home prices dipped 0.3 percent month on month and 2.5 percent year on year.
The city government is continuing its efforts to build a housing system that is good for both buyers and renters, including releasing land zoned specifically for residential leasing.
During the first six months, the city added around 125,000 rental units into the market and released a total of 34 land plots designated solely for residential leasing, which would generate about 35,000 rental apartments in future supply, according to the bureau.
The city government plans to add about 200,000 public rental units this year. By end-June, about 87,700 had already been added — 43.9 percent of the target.
To improve housing accessibility of medium- to low-income households, the city has established a housing guarantee system that mainly consists of low-rent apartments, shared ownership homes and public rental apartments as well as homes built for residents relocated under urbanization programs.
By end-June, the city had provided low-rent units for a total of 121,000 households, with some 43,000 families still living in those, after some moved out as their income improved.
Under the shared ownership program launched in 2010, six batches of applications have been processed and a total of 130,000 households have either signed purchase contracts with the government or been confirmed as qualified families.
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