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SHANGHAI: China policymakers plan to increase the country's land supply for residential properties to curb escalating home prices, a move which will increase the supply of affordable homes, the Shanghai Daily newspaper reported, quoting the Ministry of Land and Resources.
According to an annual land plan unveiled on Thursday April 15 by the Ministry, land supply for residential properties in 30 provinces, municipalities and autonomous regions, excluding Tibet, will likely reach 180,000 ha in 2010, compared with 76,461 ha in 2009 and an average of 54,650 ha over the past five years, Liao Yonglin, a department director overseeing the country's land use and management was quoted as saying.
It was reported that 77% of the land supply in China would be earmarked for affordable houses, shanty home renovations and small- and medium-sized apartments. Small- and medium-sized apartments will take up 80,431 ha, surpassing the amount of residential plots offered across the country during 2009.
Sky Xue, an analyst at China Real Estate Information Corp was quoted as saying that a large number of upscale residential projects have been built across the country over the past few years and, as a result, homes catering for the needs of people with medium and low income were inadequate.
"The ministry's land plan will certainly help reverse such an imbalance and will positively influence the country's overheated housing market." Xue said.
According to an annual land plan unveiled on Thursday April 15 by the Ministry, land supply for residential properties in 30 provinces, municipalities and autonomous regions, excluding Tibet, will likely reach 180,000 ha in 2010, compared with 76,461 ha in 2009 and an average of 54,650 ha over the past five years, Liao Yonglin, a department director overseeing the country's land use and management was quoted as saying.
It was reported that 77% of the land supply in China would be earmarked for affordable houses, shanty home renovations and small- and medium-sized apartments. Small- and medium-sized apartments will take up 80,431 ha, surpassing the amount of residential plots offered across the country during 2009.
Sky Xue, an analyst at China Real Estate Information Corp was quoted as saying that a large number of upscale residential projects have been built across the country over the past few years and, as a result, homes catering for the needs of people with medium and low income were inadequate.
"The ministry's land plan will certainly help reverse such an imbalance and will positively influence the country's overheated housing market." Xue said.
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