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Winning plots meant for rental homes

Last Updated: Monday, July 31, 2017 - 15:36

TWO developers in Shanghai won an auction for two parcels of land designated for rental homes — the first time land has been reserved for this purpose under the city’s policy to help people rent their homes.

One of the plots is in Zhangjiang in Pudong New Area and the other in the city’s outlying Jiading District, and both are set to offer 1,897 homes.

Zhangjiang Group paid 724 million yuan (US$106 million) for the 6.5-hectare parcel in Zhangjiang, with the average price of 5,568 yuan per square meter.

Jia Ding New City Development Co Ltd paid 424 million yuan for the other parcel of 2.85 hectares, and the average price was 5,950 yuan per square meter.

Shanghai’s 13th Five-Year Plan (2016-2020) on housing seeks to add about 1.7 million new homes, up 60 percent over the previous five years, to address the rising demand for property.

About 550,000 affordable homes will be built and 700,000 homes will be for rent.

Under the plan, 5,500 hectares of residential parcels will be released locally between 2016 and 2020, up 20 percent from the 12th Five-Year Plan (2011-2015) period.

About 2,000 hectares will be for commodity housing, 1,700 hectares for rental homes and 1,800 hectares meant for affordable housing.

-source from Shanghai Daily

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