Scheme offers cheaper homes

BEIJING - A businessman from Wenzhou, a city in Zhejiang province famous for its booming private enterprise, has come up with a scheme whereby families can build a home in Beijing for almost half the cost of buying from property agents.

Zhao Zhiqiang said more than 200 people in Wenzhou signed up last year for his co-operative project to build houses on land he plans to buy in the capital.

"As long as enough money can be collected from more families this year, we'll buy two stretches of land around the south fourth and fifth ring roads in Beijing and start construction," said Zhao.