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Shanghai to offer low-priced housing
Shanghai housing authorities revealed plans yesterday to build 20 million square meters of apartments for low- and medium-income residents. With average residential housing prices soaring 25 percent to 8,756 yuan (US$1,058) a square meter in 2004, Shanghai recently initiated a series of measures to prevent a speculative property bubble and ensure affordable housing for its citizens. Early this month, the city impo sed a 5.5 percent capital gains tax on properties sold within the first year in another effort to discourage speculative investment. But for many local residents, even if the growth in property values slows, prices are already out of reach. One of Shanghai's major goals this year is to create more housing for common wage earners. Under the government's blueprint, construction of 10 million square meters of "budget" apartments priced below 3,500 yuan a square meter will commence this year. These homes will be used primarily for families relocated by urban renewal projects. The government also plans to begin the construction of 10 million square meters of even lower priced flats by the end of the year, according to the blueprint. Buyers will have to satisfy income requirements to qualify for these units. Shanghai has been taking steps since last year to make housing sales and project information available online and has already prosecuted some firms and individuals that abused the system. |
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