China to increase land supply for residential property

BEIJING - The Chinese government said Thursday it plans to increase the land supply available for residential property, in a bid to guide the country's runaway property market into more healthy development.

China will supply 180,000 hectares of land nationwide to build houses this year, excluding the Tibet autonomous region, compared with an area of 76,461 hectares in 2009, the Ministry of Land and Resources said.

Areas for low-cost housing, renovated shanty houses and small- and medium sized apartments will be allocated more than 70 percent of the total land supply, the ministry said.

(Source: China Daily)