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December 11, 2009

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Home » Business » Real Estate

Shanghai sets 'budget' costs

PRICES for the city's first batch of budget homes were set yesterday by the housing bureau at between 4,800 yuan (US$703)and 5,200 yuan per square meter, less than half the current market price.

Different apartments will be sold at different prices with a maximum 10 percent fluctuation allowed, the Shanghai Housing Guarantee and Administration Bureau said yesterday in a statement.

Apartments at the threedevelopments, two in Minhang District and one in Songjiang District and all beyond the city's Outer Ring Road, have a space range of about 45to 85 square meters.

Budget homes are built for those who cannot afford to buy standard houses or are qualified to receive low-rent apartments from the government.

Budget homes were not allowed to be traded on the market within five years of their purchase date, the bureau said yesterday.

Shanghai Mayor Han Zheng said on Wednesday that the housing issue was a priority for the government and the city would improve daily living conditions for residents while boosting its economy as well.

Shanghai has already started construction on a totalof 6 million square metersof budget housing.


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