FOURTY-FOUR apartments in Yutiancun in Nanyuan Subdistrict, Futian District, were fully booked 12 minutes after they were offered following a renovation, the Southern Metropolis Daily reported Tuesday.

The apartments in the urban village cover between 13 and 25 square meters with monthly rents ranging from 1,200 yuan (US$179) to 2,500 yuan.

The rooms are equipped with a bed, a desk, an air conditioner and a wardrobe. If a tenant needs a washing machine or a refrigerator, they can rent one for 50 yuan a month.

The apartments were leased out to tenants through the Dutch auction method, that is, by gradually lowering the bidding price until it is accepted by the first bidder.

Last September, the owners of a dozen buildings in Yutiancun signed agreements with a renovation company. In January, buildings No. 33 and No. 35 were the first two buildings to finish the transformation. On April 6, 44 apartments were available for rent.

Zheng Xianchao is the owner of building No. 35 in Yutiancun. He said after the facelift, the rent rose by 15 percent. “The renovation has also solved fire hazards and saves a lot of management costs,” he said.

At present, nearly 40 buildings in Yutiancun have joined the renovation plan, accounting for more than 40 percent of the total property in the village.

According to statistics, 33 buildings are currently being reconstructed in Yutiancun. In addition to the two buildings that have already been put into use, another four have also been transformed into apartments, which are expected to be leased by the end of July. (Zhang Yu)