China
22:28, 10-Jul-2017
Shanghai government to add 700,000 new homes to rental portfolio
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The Shanghai municipal government said it will add around 700,000 new rental homes as part of its housing plans during the 13th Five-Year Plan.
Officials said they would target transportation hubs and commercial excess areas in an effort to help young people.
Shanghai is one of the hottest property markets in China and sky-rocketing home prices have made it hard for young people to find suitable accommodation.
Officials said they would continue purchase restrictions and strictly regulate the property market.
They will also investigate developers and property agents that violate the rules.
The municipal government introduced its latest purchase restrictions in March and buyers are still hesitant to make a move.
People who already own a home in Shanghai have to pay at least 50 percent in advance if they want to buy a second home, and 70 percent if they want to buy property for investment.
Property agents said that buyers had decreased by as much as 60 percent since the restrictions took effect.
1067km