Gov't to offer more rental apartments

Officials at the bureau under the Ministry of Finance said the government has decided to change the former policy of selling state land for constructing luxury apartments that are out of the reach of wage earners.

They conceded that the past policy has endlessly pushed up real estate prices in the capital city and drawn mounting complaints.

The three land lots will be used by investors for a period of 70 years to build apartments and rent them to people who are in need of housing units but cannot afford to purchase apartments for their own, they said.

One of the three available land parcels has an area of 1,780 square meters and is located near the intersection of Section 4 of Renai Road and Section 1 of Daan Road.

Apartments to be built at the site, located near the Zhongxiao-Fuxing Station of the mass rapid transit (MRT) networks, will be rented to the general households, the officials said.

The second piece of state land has an area of 1,158 square meters near Hanzhou South Road and Caozhou Street. It is not far from the Chiang Kai-shek Memorial Park. The apartments will be rented to students.

The third area is comprised of several adjacent pieces of state land totaling 7,866 square meters near Lane 99 on Section 3 of Kangning Road in the Neihu District. The apartments will be rented to senior citizens, according to the officials.

To encourage investment, there will be certain incentives, including lower development costs in terms of winning the rights to use the land, offered to investors, they added.

Subscribe to The China Post and save 25%. Click here

SharePrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email