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More land for low-cost homes
By Cao Qian |
April 16, 2010, Friday
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Print Edition
Print Edition
CHINA plans to more than double its land supply for housing development this year.
More than 70 percent of the total will be for affordable housing, renovating shanty home areas and small- and medium-sized apartments, as it bids to curb rising home prices by increasing the supply of homes for people with medium to low income.
Under an annual land plan announced yesterday by the Ministry of Land and Resources, the land supply for residential use in 30 provinces, municipalities and autonomous regions, excluding Tibet, will likely reach 180,000 hectares in 2010, compared with 76,461 hectares in 2009 and an average of 54,650 hectares over the past five years, according to Liao Yonglin, a department director overseeing the country's land use and management.
In particular, 77 percent of the land supply will be used to build affordable houses, shanty home renovations and small- and medium-sized apartments. Small- and medium-sized apartments will take up 80,431 hectares, exceeding the amount of residential plots offered across the country during 2009.
"More and more upscale residential projects have been built across the country over the past few years, and as a result, homes catering to the needs of people with medium and low income are inadequate," said Sky Xue, an analyst at China Real Estate Information Corp, a leading real estate information, consulting and online services provider. "The ministry's land plan will certainly help reverse such an imbalance and will positively influence the country's overheated housing market."
An industry research released yesterday by international property services provider DTZ found that the proportion of luxury homes in the country's first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen soared to 66 percent in the first quarter of this year from 49 percent in the previous quarter. More projects were positioned as luxury residential which therefore pushed up average home prices in those cities.
More than 70 percent of the total will be for affordable housing, renovating shanty home areas and small- and medium-sized apartments, as it bids to curb rising home prices by increasing the supply of homes for people with medium to low income.
Under an annual land plan announced yesterday by the Ministry of Land and Resources, the land supply for residential use in 30 provinces, municipalities and autonomous regions, excluding Tibet, will likely reach 180,000 hectares in 2010, compared with 76,461 hectares in 2009 and an average of 54,650 hectares over the past five years, according to Liao Yonglin, a department director overseeing the country's land use and management.
In particular, 77 percent of the land supply will be used to build affordable houses, shanty home renovations and small- and medium-sized apartments. Small- and medium-sized apartments will take up 80,431 hectares, exceeding the amount of residential plots offered across the country during 2009.
"More and more upscale residential projects have been built across the country over the past few years, and as a result, homes catering to the needs of people with medium and low income are inadequate," said Sky Xue, an analyst at China Real Estate Information Corp, a leading real estate information, consulting and online services provider. "The ministry's land plan will certainly help reverse such an imbalance and will positively influence the country's overheated housing market."
An industry research released yesterday by international property services provider DTZ found that the proportion of luxury homes in the country's first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen soared to 66 percent in the first quarter of this year from 49 percent in the previous quarter. More projects were positioned as luxury residential which therefore pushed up average home prices in those cities.
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