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November 21, 2012

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Low-cost housing area opens first units

ONE of the city's largest budget-housing project is now opening to the qualified families in Minhang District, with more than 1,200 apartments available and more in the pipeline.

The project, in Minhang's Pujiang Town area, is expected to become home to about 75,000 low and middle-income residents, said builder Shanghai Construction Property Development Co.

"I can tell that the apartments are very welcomed," said Qian Lin, deputy general manager with the company.

About 2,681 families have looked at the apartments, said Qian.

By year's end, homes are expected to be delivered to about 2,300 local families.

The complex, where construction started in 2009, is a part of the broad housing plan that allows families buy new homes at a time that the city's home prices have risen beyond the reach of many.

Homes are to be sold at an estimated 6,000 yuan (US$962) per square meter based on cost, said Pei Jianqun, the company's president. Buyers will shoulder 70 percent of the total, with the government picking up the rest. The local average commercial home price has reached 24,073 yuan per square meter.

Meanwhile, city construction watchdog announced a list of construction companies that repeatedly have caused problems with pollution and noise downtown.

They will be asked to suspend part of their projects to correct the flaws.


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