China's economic hub Shanghai will begin construction work on 100 million square meters of housing projects in the next five years, local government sources announced on Wednesday.

 

The projects are listed on the city's masterplan for real estate development in the 2006-2010 period, the sources said.

 

According to the plan, 70 percent of newly started condo development projects in the city should have a floor space of no more than 90 square meters. The requirement conforms to the central government's latest policy shift for property development across the nation, which aims to make it easier for low-income earners to buy homes.

 

By 2010, Shanghai will have built approximately 120 million square meters of housing, including 27 million sq m to be completed in 2006 and 26 million sq m to be finished in 2007.

 

The planned housing projects will feature the use of renewable energies such as solar energy, and energy-efficient building materials.

 

Meanwhile, more than 20 million square meters of dilapidated housing in Shanghai's downtown area will be rebuilt and upgraded between 2006 and 2010.

 

Approximately 100,000 poor families in the city will be given access to affordable rental housing.

 

(Xinhua News Agency October 12, 2006)