[photopress:shanghaiapartments_1.jpg,full,alignright]The local government has announded that 100 million square meters of housing will be built within the next five years in Shanghai. The projects are listed on the city’s master plan for real estate development in the 2006-2010 period.
The idea is that 70 percent of newly started projects in the city should have a floor space of no more than 90 square meters. Which will rapidly move them from luxury down to affordable. This is in keeping with the government’s aim with property development in China — make it easier for low-income earners to buy homes.
By 2010, Shanghai will have built approximately 120 million square meters of housing, including 27 million sqare meters to be completed in 2006 and 26 million square meters to be finished in 2007.
This housing will use solar energy, and energy-efficient building materials.
Meanwhile, more than 20 million square meters of dilapidated housing in Shanghai’s downtown area will be rebuilt and upgraded between 2006 and 2010. Altogether this means about 100,000 poor families in the city will be given access to affordable rental housing.