CRI听力:Shanghai's Property Developers Urged to Think Small
The municipal government in Shanghai is planning to increase the number of small-sized apartments in the city.
Plans are in place to make homes below 90-square meters have to make up at least 7 out of every 10 units in any new projects located in central Shanghai.
Development projects in the suburbs are going to be required to have at least 3 in 5 apartments below 90-square meters.
The new regulations also require any subsidized housing projects all be built under 90-square meters.
This follows a new local government ban on financing any more land purchases for property development.
Local governments currently holding large chunks of land are also being told to sell off some of their property assets to try to reduce their debt burdens.
For more on all this, CRI's Spencer Musick spoke earlier with John Ross, senior fellow with the Chongyang Institute for Financial Studies at Renmin University.
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