Shanghai will provide 450 hectares of land for residential development as housing prices continue to increase, real estate regulators said today.
Among the land on sale, 50 hectares is located downtown, they said in a press release. The land will be put on the market in batches in the near future.
The demand for real estate keeps growing, which has stirred up trade volume and home prices, said house regulators.
Construction of six million square meters of new commercial residential housing is expected to kick off this year on land that is currently vacant.
The city is also urging real estate developers to push ahead projects that qualified for presales. The government plans for about 4.5 million square meters of new commercial residential housing to start trading this year.
Property prices in 70 major Chinese cities jumped 8.2 percent in August from a year earlier after gaining 7.5 percent in July, the National Development and Reform Commission said.