Bids invited for low-cost properties

Beijing's municipal government is to introduce a bidding system for the contracts to build affordable homes in the capital.

On Tuesday, the Beijing construction commission and beijing land and resources bureau said that construction firms would be invited to tender for the rights to build a range of low-cost properties in the Songjiazhuang residential area of Fengtai District.

While full details of the bidding process were not provided, the government said it had fixed a ceiling price for each property at 4,500 yuan ($580) per sq m.