Building boom in China
7 February 2008This year construction of nearby 20 million square meters of new habitation will be started in Shanghai - the biggest city of China with 20 million people population. Municipal habitation will make the fifth part of all areas houses of economy class.
Construction of habitation for rather poor layers of the population was not conducted in city since 1999, when such construction has been recognized economically inexpedient.
According to the city-planning plan, up to the end of this year nearby 25 million square meters of habitation, 20 million from which will enter into the real estate market, will be built in Shanghai.
Next year city has allocated nearby with 1 thousand hectares for construction of habitation, thus 20 % of the territory will be used for construction of economy class habitation and municipal habitation. In total the nearest five years300 thousand “budgetary” apartments will be constructed in Shanghai.
In other cities of China the building boom is also observed.
