Home / Government / Local Governments News Tools: Save | Print | E-mail | Most Read | Comment
Subsidized housing on horizon
Adjust font size:

The Shanghai municipal government has "bulk purchased" apartments at several properties in Pudong New Area to accommodate top talent and low-income residents, a property research institute said.

From early this month, government-funded developers have been snapping up apartments en masse near Lujiazui and Zhangjiang, E-house China R&D Institute data showed.

Typical of the trend was the purchase of all 66 apartments at the Dingxin Mingliuyuan residential complex on the first day they went on sale.

The Pudong government planned to spend at least 2 billion yuan ($292 million) over the next three years to make the district more attractive to professionals through measures such as providing subsidized housing. Part of the money will fund construction of about 37,000 apartment units.

Those who move into the subsidized housing will be eligible for up to 200,000 yuan in relocation compensation, the government had said earlier.

A 120-unit apartment building for banking executives is slated for completion in Lujiazui next September. The apartments will average 280 sq m.

Other incentives include permanent residency and preferential tax policies that could cut the maximum personal income tax rate from 45 percent to about 20 to 25 percent for residents.

(China Daily December 26, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
Questions and Answers More
Q: What kind of law is there in place to protect pandas?
A: In order to put the protection of giant pandas and other wildlife under the law, the Chinese government put the protection of rare animals and plants into the Constitution.
Useful Info
- Who's Who in China's Leadership
- State Structure
- China's Political System
- China's Legislative System
- China's Judicial System
- Mapping out 11th Five-Year Guidelines
Links
- Chinese Embassies
- International Department, Central Committee of CPC
- State Organs Work Committee of CPC
- United Front Work Department, Central Committee of CPC