Shanghai dresses to wear to a wedding to build 120,000 flats under indemnificatory housing projects
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Shanghai to build 120,000 flats under indemnificatory housing projectsPublished: 19 Jan 2009 00:00:00 PST

Jan. 19, 2009 (China Knowledge) - Shanghai, the largest city in mainland China, will build 120,000 flats under its indemnificatory housing projects within two years, said Mayor Han Zheng in a Shanghai Municipal People's Government press conference on Jan.17, as reported in Shanghai Securities News.

The mayor noted that about 60,000 flats under the housing scheme started construction last year, totaling 4 million square meters, will be distributed in the second half of this year. In addition, it is estimated that approximately the same amount of housing will begin construction in 2009.

Last year, the trading volume of new housing in the Shanghai real estate market shrank by 42%, and the average selling price fell by 1.77% compared with that of the previous year.

In order to stimulate the market, a series of state- and local-level policies were enacted. According to the mayor, the real estate market has already responded positively in the period from the end of last December to early January this year.

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