Shanghai to build 220,000 rental homes in next five years to meet surging demand from young professionals, tame soaring house prices
- Mainland China’s financial capital is aiming to meet burgeoning demand for affordable accommodation as it tries to attract young talent in fields like engineering and biotechnology
- The figure represents an increase of more than 45 per cent from the number of rental units built in the last five years in one of the country’s least affordable cities to rent or buy a home
The figure represents an increase of more than 45 per cent from the number of rental units built in the last five years in one of the country’s least affordable cities to rent or buy a home.
In the latest five-year plan for house market development in Shanghai, the local government said healthy growth of the property sector would give residents “a sense of gain, a sense of security and a sense of comfort.”
The document, published on Friday, is seen as an operating guide for the city’s real estate sector because it lays the groundwork for land distribution, urban redevelopment and housing market policies.
In the last five years, Shanghai has built 150,000 units for rental, responding to central government efforts to lower the cost of living for ordinary people.