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Shanghai Property Developers Lure Bulk Home-Purchase

More than ten real estate developers in Minhang District, Shanghai are providing preferential policies to attract companies, units and universities there as home-purchase syndicates, a new buying method expected to become more prominent in the city, eastday.com reported Wednesday.

The Housing and Land Resources Administration Bureau of Minhang District recently hosted a meeting between such bulk-buyers as East China Normal University, Shanghai Jiaotong University, Shanghai South Area Power Supply Company, Shanghai Zizhu Science-based industrial park and more than ten property developers in the district.

In close proximity, the property projects, although  high-priced, are proving to be a hit to these companies and units.

Some developers even offered to design and construct projects specifically for these syndicates on the basis of their requirements on housing models, areas and service facilities such as offering shuttle-buses to take residents to their workplace.

Minhang District will contact more famous local companies and groups for bulk home purchase and help to promote the relevant property projects, said Yu Jianyuan, director with the Housing and Land Resources Administrative Bureau of Minhang District.

(Shanghai Daily November 3, 2005)

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