Property Market to Boom

The living space per capita in China's cities and towns is expected to reach 23 square meters during the Tenth Five Year Plan period, said Song Chunhua, vice director of the Ministry of Construction, eastday.com reported yesterday.

Song was attending a real estate service exposition in Hong Kong.

China plans to construct 5.7 billion square meters of housing nationwide, including 2.7 billion square meters in cities or towns, increasing 15 percent from the Ninth Five Year period, said Song.

After China's entry into the World Trade Organization, the mainland market will be more open to the outside, and the real estate market will conform more to the international standard, said he.

The Ministry of Construction is to adopt new policy to boom the real estate market, strengthen the housing security system, enhance the market distribution system, speed up the structure regulation, upgrade the high-tech development and improve the service quality, he added.

(Eastday.com 03/23/2001)