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Land supply expected to rise in some sectors in Shenzhen under reform plan

By Li Wenfang in Guangzhou | | Updated: 2020-10-14 15:34
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Aerial photo taken on Aug 13, 2020 shows a view of Shenzhen, South China's Guangdong province. [Photo/Xinhua]

The supply of land in Shenzhen, Guangdong province, for residential, educational, scientific and healthcare buildings is expected to increase under a new plan from the central government.

The plan was unveiled on Sunday for reforms in Shenzhen,which is building a pilot demonstration zone of socialism with Chinese characteristics.

More land is expected to be made available for construction in the services sector, according to international real estate adviser Savills.

The plan is expected to create opportunities in multiple industries and boost the number of companies in Shenzhen. More companies means the oversupply in the office space market will be eased. Interest by investors in the city's office space market is expected to grow.

As more talent is drawn to Shenzhen and as the city government moves to increase residential property, both the supply and demand in residential space are projected to strengthen.

The expanded population and upgraded consumption should attract more foreign and domestic brands into Shenzhen to create more demand for quality retail property development in more areas of the city, according to Savills.

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