City to renovate buildings and urban villages

City to renovate buildings and urban villagesDuring the city renovation working conference, Shenzhen decided to renovate buildings located in the area of 35 square kilometers and will cost around 180 billion yuan in the span of five years. Urban villages located in Luouhu, Yantian and Nanshan districts will also undergo redevelopment by the end of 2015.

Public comments will be accepted until January 10 which is the deadline. Under the drafted rules any redevelopment must approved by two thirds of the property owners, must also own at least two thirds of the property as well. 15 percent of the redeveloped area will be set aside for public facilities like roads, schools, bus stations, hospitals and public green space. Public facilities are on the priority list which will be done within the same the the redevelopment is being worked on. A regulation that will govern public housing was also announced, which stipulates each redevelopment project will provide 5 to 12 percent land for public housing and a 10 to 30 percent affordable housing available.

The land for the public housing is free and the city government will acquire ownership from the developer, plus will shoulder construction cost with 3 percent added as profit. The projects will satisfy the demand for land instead of planning vacant land. Redevelopment of this lands will explore it to the maximum and facilitate industry restructuring.

100 redevelopment projects was launched within this year, with a total area of 33 million square meters planned redevelopment, including public housing. Renovations will also be done to schools, kindergartens, community clinics and bus terminals.

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