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New Residential Area Built for University Teachers
A new residential area to house professors of China's most prestigious Beijing and Qinghua universities has been completed right before China's Teacher's Day, which will fall on Sunday.
More than 1,000 professors, including 100 members of the Chinese Academy of Sciences and the Chinese Academy of Engineering will move into the new houses near Qinghua University in northern Beijing.
The housing started construction at the end of 1998 with a total investment of 700 million yuan (84 million US dollars), to improve the living conditions of university teachers.
Beijing municipal government has exempted various taxes for the housing project and provided aid of 200 million yuan. In addition, China Construction Bank offered a loan of 270 million yuan for the project.
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