SHENZHEN will build 80,000 government-subsidized apartments in 2018 as the government ramps up its efforts to make housing more affordable amid the skyrocketing housing prices.

This was disclosed by the city’s housing and construction bureau at a recent conference. The bureau also said about 46,000 apartments will be provided to talents and low-income families this year.

For the first time, the bureau said it would use the transit-oriented development (TOD) model to build affordable housing estates along Metro lines, which will provide convenient transport for dwellers at the subsidized apartments.

The bureau said it would pay special attention to the Changzhen project in Guangming and the Zhukeng project in Pingshan.

Shenzhen launched new policies on housing for talents last year, promising to provide talents with low-rental and low-price apartments in a bid to improve the investment environment as high housing prices dent the city’s competitiveness in attracting high-tech companies and talents.

The bureau said it will also promote housing cooperation with neighboring cities as an increasing number of residents are buying cheaper apartments in Dongguan and Huizhou.

Facing a shortage of developable land, Shenzhen is also speeding up urban renewal projects. Construction has started on 8,062 apartments for the resettlement of residents of old housing estates that will be dismantled for new development. About 99 percent of homeowners in Huafucun in Futian and Hong’ao Village in Guangming have signed agreements for urban renewal projects. These projects will see the old buildings demolished and new apartment buildings constructed.  (SD News)