Shenzhen to build more public housing by the end of this year

Shenzhen to build more public housing by the end of this yearShenzhen city housing and construction bureau plans to built 62,000 new public houses. Construction on 10,000 apartments were finished by the end of last year, and construction on 30,000 apartments will start this year.

A housing provident fund will provide housing loans to qualified applicants by the of this year. the government subsidized homes will occupy 126 hectares and cost around 14.5 billion yuan. The 62,000 public homes is said to cover an area of almost 4 million square meters, and 21,000 of this homes are low rental accommodation and 6,000 of them are low cost apartments. The remaining 35,000 homes will be government subsidized commercial housing given at a much lower price.

The head of the housing and construction bureau, said the city is planning to built a total of 240,000 public homes from 2011 to 2015, and total cost for the construction of this homes and apartments is said to be at 69 billion yuan. Shenzhen have been building public homes over the the past five years 21 percent more than originally planned. The city government will also be providing housing subsidies to 408,000 professionals working and living in the city.

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