Move to regulate property prices

SHANGHAI'S municipal government will continue to regulate the real estate industry to rein in on the runaway prices since the city won the bid for the 2010 World Exposition, Mayor Han Zheng said on Sunday in Beijing.  

The regulation will be realised by controlling the land supply instead of administrative degrees, he said in an interview on the sidelines of the on-going session of the National People's Congress.  

CONCRETE JUNGLE: A worker adding new building models showing Shanghai's urban plan at an exhibition centre Tuesday. -- Reuterspic

As an international metropolis with a population of 16 million, Shanghai should forge a real estate market structure that could meet the needs of all sectors, especially those of ordinary people, he said.  

“The municipal government encourages the building of housing that sells for 3,000 – 5,000 yuan (RM1,368 – RM2,280) per square metre to make them affordable to ordinary people,” said Han.  

The total area of commercial housing completed in the city last year was 18 million square metres. – People's Daily.  

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