Society
If you build it, they will come, Shanghai companies told
By Wang Hongyi and Qian Yanfeng (China Daily)
Updated: 2010-01-28 07:45
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SHANGHAI: Authorities are encouraging businesses to build affordable properties as a way of attracting and retaining professionals in the city.
Shanghai Party Chief Yu Zhengsheng told the annual session of the Shanghai Municipal Committee of the Chinese People's Political Consultative Conference that the city had solutions to its housing problems, including the construction of government-subsidized housing.
"Last year land prices and housing prices increased too fast, which created a 'bubble'. We should take it as a warning and make an effort to take control of it," he said.
"Following the policies by the State Council, Shanghai will further curb housing investment. The city's land resources are very strained and the construction of so many residential homes is not for housing investment, but to resolve the housing problem of common residents."
By 2012, about 300,000 affordable houses and 100,000 low-rent houses will be under construction, and about 300,000 relocation houses will have been completed.
Ruan Kangcheng, a delegate to the ongoing annual session, said: "The housing prices have kept going up in recent years, and people are finding that it is harder to afford an apartment in the city. This is also causing problems for attracting high-quality talent among local science and technology institutes and universities."
"With the high prices, some people have to stay abroad or develop their career in other cities where the housing price is lower, which works against talent being attracted to the city," he said.
