LUOHU District will offer subsidies up to 50,000 yuan (US$7,298) for each parking space built by private investors, according to guidelines released by the district transport bureau.

Luohu District is currently facing a shortage of 200,000 parking spaces, with only 146,600 places for around 333,400 vehicles.

The district faces the most serious parking space shortage in the city due to the large number of old urban areas and villages.

The subsidies apply to traditional parking facilities and mechanically controlled vertical parking facilities that are wholly invested and constructed — newly built or renovated — by private investors and will remain in service for at least three years.

For the mechanically controlled vertical parking facility, the subsidy standard is 30,000 yuan per parking space. For the multistory traditional parking facilities, the subsidy standard is 50,000 yuan.

The total subsidy for a single project is no more than 10 million yuan and no higher than 40 percent of the cost of equipment.

The district transport administration department is working on a three-year construction plan to find more available land and optimize the layout of parking facilities.

So far, five districts including Futian, Longghua, Guangming and Bao’an have worked out measures to encourage private investment in the construction of parking facilities. The subsidies range from 8,000 yuan to 50,000 per spot.

At the city level, the municipal government had previously unveiled an action plan for the construction and operation of parking facilities.

The city will improve investment incentives, speed up the construction of parking facilities, introduce market-based pricing mechanisms, improve intelligent parking and tighten management to solve parking difficulties.

The total number of vehicles registered in Shenzhen had reached 3.5 million by the end of 2019. The city is now facing a shortage of 1.7 million parking spaces. (Han Ximin)