Shanghai will increase the numbers of properties specifically for residents relocating this year due to urban construction, Wednesday's Youth Post reported.
Shanghai has completed the construction of 3.05 million square meters of properties for the relocated to date.
The city has set a goal for the local real estate market to focus more on mid and low-income families purchasing homes for residential purposes. Based on this goal, local housing and land resources departments will adjust market structures to avoid excessive housing price increases.
In a bid to increase the supplies of properties for the relocated, the housing and land resources department not only is selecting more sites for property construction in Baoshan, Jiading, Nanhui and Kangqiao areas, but establishing new sites within 14 square kilometers around the city's Outer Ring Road as well.
Including the housing areas offered for the relocated in the suburban areas, construction of nearly 10 million square meters of new properties will begin this year.
(Shanghai Daily January 13, 2005)