Beijing increases low-cost housing land to curb soaring prices

11:05, April 17, 2010      

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Beijing municipal government has increased the annual land allocation for low-cost housing in a bid to curb rising property prices, said an official of the municipal bureau of land and resources Friday.

So far this year, allocated low-cost housing land was 571 hectares, said Zeng Zanrong, deputy director of Beijing Municipal Bureau of Land and Resources.

The municipal government planned to supply 2,500 hectares of land for housing this year, up 65 percent from the amount last year, and 50 percent of which was affordable housing land, Zeng said.

Last year the total land allocated to low-cost housing was 600 hectares, accounting for 46 percent of the total residential land supply.

More than 90,000 low-cost homes, capable of accommodating 200,000 people, had been planned for 2009 and 2010, Zeng said.

A new series of measures was launched Friday by the bureau to control housing prices.

"Price will not be the most important factor in land bidding any more," Zeng said.

Other factors, including the comprehensive capability of the property development company, the construction period and track record on low-cost housing construction, would also be considered.

A price range would be decided after discussion of government officials and experts, Zeng said.

The Ministry of Land and Resources Thursday announced plans to increase the land available for residential property, in a bid to rein in the country's runaway property market.

Nationwide, 180,000 hectares of land would be allocated to new homes this year, excluding the Tibet Autonomous Region, compared with an area of 76,461 hectares in 2009.

Areas for low-cost housing, renovated shanty houses and small and medium-sized apartments would account for more than 70 percent of the total land supply.

Source: Xinhua


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