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Shanghai sets to offer more supply of residential properties

By Cherry Cao | 17:41 UTC+8 July 7, 2017 | Online Edition

SHANGHAI will keep its property tightening policies in place and increase residential supply significantly during the 13th Five-Year Plan period (2016-2020) to ensure stable and healthy development of the housing market, according to a latest industry blueprint.

During the five years through 2020, about 1.7 million new housing units will be added to the local market, an increase of over 60 percent from the previous five-year period, city government said today via its official WeChat account.

Among them, around 450,000 units will be commodity houses. New residential properties excluding those built under the city's affordable housing programs are defined as commodity houses. About 550,000 affordable homes will be built and the rest 700,000 units are all for residential leasing purposes, according to the plan.

In terms of land supply, a total of 5,500 hectares of residential parcels will be released to the local market between 2016 and 2020. Among them, about 2000 hectares will be designated for commodity housing development, 1,700 hectares for rent-only homes and the rest 1,800 hectares for affordable housing development.

By 2020, a housing system under which sale and lease is of equal importance should be basically established, with stable and moderate growth in the supply of commodity housing, significant increase in the supply of leasing units, as well as guaranteed supply of affordable housing, according to the 13th Five-Year Plan.

"It seems to be a good attempt by the government to largely increase the supply of residential leasing units, which will provide a new option particularly for young people who can yet afford buying their own houses," said Joe Zhou, head of research for JLL China. "Compared to renting from individual owners, leasing homes from developers is often more attractive to tenants."

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