Shanghai Will Explore Free-Trade Port, Depress Rising Home Prices
Xu Wei
DATE:  Jan 23 2018
/ SOURCE:  Yicai
Shanghai Will Explore Free-Trade Port, Depress Rising Home Prices Shanghai Will Explore Free-Trade Port, Depress Rising Home Prices

(Yicai Global) Jan. 23 -- Shanghai is set to explore the construction of a free-trade port supported by Yangshan Deep-Water Port and Pudong International Airport and maintain a strict grip on skyrocketing housing price this year, as indicated in the government work report Mayor Ying Yong presented at the First Session of the Fifteenth Shanghai Municipal People's Congress today.

Over the course of this year, Shanghai will take further steps to implement reform and opening, with the establishment of free-trade pilot zones as a focus and work faster to build new systems for a higher-level open economy. Efforts will go toward bolstering confidence and determination in new reform and opening initiatives, creating more favorable advantages for system innovations, and building an international and convenient business environment under the rule of law, and a fair, unified, and efficient market environment, Ying said.

The city will also adhere to the philosophy of 'housing is for residential use, not property speculation,' since persisting in strictly controlling surging housing and land prices is no mere expediency, and neither is reducing the dependence of economic growth and financial revenue on the real estate industry. The city will unwaveringly hew to the policy of controlling the real estate market, he stressed.

The construction of a housing system with multi-source supplies, multi-channel security and integration of rent-to-buy will accelerate. Shanghai will construct more rental homes, support specialized bureaus to manage leases, build and transform 200,000 rental residences, add 90,000 homes for the leasing agency to operate, erect a platform that provides home rental services, and make corresponding public services available, he said.

Shanghai will also raise the proportion of small and mid-sized dwellings, and promote the effective supply of commodity housing while working to systematically advance construction of supporting facilities for large residential communities, increase the supply of affordable housing to 55,000 units, improve condominium systems, ease access to low-rent homes, and ensure affordable housing units go to those in need.

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Keywords:   Shanghai,Free-Trade Port,REAL ESTATE