Over 9 million square meters of medium and low-priced residential properties will come onto the market this year to alleviate the city’s soaring real estate prices, Mayor Han Zheng of Shanghai Municipality said yesterday.

"These houses will be mainly used to settle residents who have been relocated because of urban constructions," Han said at the third session of the 12th Municipal People's Congress.

"This is the third year since the city started the construction of low and medium-priced houses," Han said. As of last November, some 3.01 million square meters of cheap housing have been built.

"And this year will no doubt see a much quicker construction pace," added Han.

At the same time, low-rent government housing will also see an increase of 5,000 homes to reach 18,000.

The city's growth rate in house prices, although decreased by 6 percentage points as compared with 2003, still witnessed an average of 15.8 percent increase in 2004, a rise of major concern among deputies to the Congress which is to end on Saturday.

Employment was also a topic of concern.

Having taken various measures, the city's registered unemployment rate was controlled at around 4.5 percent last year, the lowest level in the past 10 years. But Han said, "The number of job seekers will increase in the new year."

(China Daily January 21, 2005)