[photopress:Zeng_Peiyan_1.jpg,full,alignright]Beijing will build 20 million square meters of low-cost housing in the next three years in a bid to meet demand. The Beijing Morning Post reported the city will also begin construction work on 300,000 square meters of affordable rental housing. This means Beijing will have about 80,000 inexpensive new apartments each year coming into the market in the next three years.
The Ministry of Construction requires 70 percent of new condominium development projects to have a floor space of no more than 90 square meters.
According to the Beijing-based China Business Times the figure will account for 30% of the city’s annual housing supply. The Beijing News reported a special office to oversee the exploration and management work on these houses has been set up.
At a central government meeting late last month, which heard a report on Beijing’s regulation of the real estate market, Vice-Premier Zeng Peiyan (seen above) said Beijing needs to stabilize housing prices and regulate the market so as to promote its healthy development.
Zeng Peiyan said: ‘There should be a multi-tiered housing supply mechanism, and it is imperative to make it easier for low-income families to buy homes.’