Beijing will build 20 million square meters of low-cost housing in the next three years in a bid to meet demand.

The city will also begin construction work on 300,000 square meters of affordable rental housing. This means Beijing will have about 80,000 inexpensive new apartments each year entering the market in the next three years.

The Ministry of Construction requires 70 percent of new condominium development projects to have a floor space of no more than 90 square meters. The figure will account for 30 percent of the city's annual housing supply. A special office to oversee the exploration and management work on these houses has been set up.

Beijing's move is in line with a recent state policy shift that encourages property developers across the nation to build more houses for low-income earners.

Source:佚名