Shanghai's first-ever housing project with initial investment raised by potential house buyers has been revived after its initiator spotted four potential plots of land for the project and collected more than one million yuan in deposits from buyers.

Shanghai Dromya, a company set up for the project, said it was in discussion with three developers for possible apartment development on four plots of land in Pudong, Minhang, Jiading and Songjiang.

About 50 members have deposited a total of one million yuan so far and the number is increasing, Zhu Jian, founder and chairman of the company, said. Zhu said all the four plots were close to Metro lines but declined to give exact locations. He said the potential developer partners were small and medium-sized companies.

The project, initiated by a group of homebuyers trying to beat the high cost of housing and avoid being ripped off by developers, attempted to build apartments in Gucun area of Baoshan District in April, but the plan was canceled in September. The company said the government's macroeconomic controls on real-estate offers them more opportunities to find potential partners than before as some small developers facing a credit crunch are either seeking capital or want to sell land.

Interested buyers must deposit at least 20,000 yuan (US$2,558) in their accounts at an appointed bank for 18 months to participate in the project. They then have to send the company a copy of the deposit receipt, Shanghai Dromya said in a statement.

Source:佚名